Where there are third party interests in a construction project it is common for the construction team to provide collateral warranties or third party rights in favour of those third parties (see Practice Notes: Third party interests in construction projects, What are collateral warranties? and The Contracts (Rights of Third Parties) Act 1999 in construction

Sub-contractors are commonly required to provide collateral warranties in favour of the employer (which will usually include step-in rights) and also to third parties with an interest in the construction project including funders, purchasers and tenants. Alternatively, third party rights may be used. See Practice Notes: Third party interests in construction projects, What are collateral warranties? and The Contracts (Rights of Third Parties) Act 1999 in construction

Law360: A group of 16 financial services trade bodies has called on HM Treasury to intervene over recent Financial Conduct Authority (FCA) proposals to name companies under investigation, saying the plans could have 'damaging consequences' for the UK.

The Trade Remedies Authority (TRA) has initiated a transition review of a countervailing measure on polyethylene terephthalate (PET) from India. PET is a type of plastic that is used to produce beverage bottles, make packaging for food products, and is used in textiles like clothing fabrics. In 2023, total imports of PET into the UK were worth over £200m. The TRA will be reviewing this measure, which was inherited from the EU, to determine whether it is still suitable for the country's needs. The current duties applied to PET from India range from 0% to 13.8%. The period of investigation for this transition review is 1 January 2023 to 31 December 2023 while the injury period for the case is 1 January 2020 to 31 December 2023.

A trade secret is information which is not generally known or readily accessible to people within the circles that normally deal with the kind of information in question and has commercial value because it is secret.

A coalition of 24 trade union general secretaries, including leaders from the British Medical Association and Royal College of Nursing, have written to Prime Minister Keir Starmer expressing concern over the government's statutory sick pay (SSP) reform plans. While welcoming proposals in the Employment Rights Bill (ERB) to extend SSP to low-income workers and remove the waiting period, the unions are calling for a significant increase to the weekly SSP rate. SSP is set to rise to £118,75 per week from April 2025 (currently £116.75), but the unions argue this remains insufficient for workers to recover safely from illness. The letter requests a ministerial meeting to discuss strengthening SSP to align with rates in other OECD countries, emphasising the need for a comprehensive plan to address the issue within the forthcoming ERB.

What does this guide cover? This guide introduces the key aspects of trade finance and acts as a guide to our Banking & Finance resources for those with no, or limited knowledge of the area. It covers what is meant by trade finance (structured and unstructured), the key terminology, features, documents, parties and structures of trade finance transactions, and key tasks for trade and commodity finance lawyers. For a more detailed introduction to trade and commodity finance, see Practice Notes: • Introductory guide to structured trade finance, and • Introductory guide to unstructured trade finance For a more general guide to our banking and finance resources, see: Banking & Finance—new starter guide. What is meant by trade finance? The term 'trade finance' (or ‘trade and commodity finance’) is used to cover a number of different forms of financing and methods of payment, from secured syndicated financings to letters of credit. Broadly speaking, trade finance is used by buyers and sellers of goods internationally to provide credit support for the different stages

This Practice Note provides practical guidance on the interaction between trade and competition policy at the World Trade Organization (WTO) as well as the current status of any work undertaken at the WTO on the interaction between trade and competition policy. Introduction There has long been a recognition that there is a close relationship between trade and competition policy. In fact, it was one of the intentions of the then Member States when the General Agreement on Tariffs and Trade 1947 (GATT 1947) was drafted, to have rules on competition policy to exist in parallel to the rules on trade in goods. Unfortunately, the then Member States could not agree on the formation of the International Trade

This Practice Note provides practical guidance on trade and the environment at the WTO. It provides guidance on the relevant WTO treaties that addresses aspects of the protection of the environment, the relevant ministerial decisions and the negotiations of the Environmental Goods Agreement. Introduction The World Trade Organization (WTO) has, since its inception in 1995, been cognisant of the interaction between trade and the environment. In fact, the Marrakesh Agreement Establishing the WTO (Marrakesh Agreement) has as one of its goals to allow the optimal use of the world’s resources in accordance with the objective of sustainable development. This is set to be done by seeking both to protect and preserve the environment and to enhance the means for doing so in a manner consistent with each Member States’ respective needs and concerns at different levels of economic development. The interaction between trade and the environment has traditionally been seen by Member States from the perspective of how environmental policies might have an impact on trade. Consequently, during the Tokyo Round of negotiations Member

Trade associations can provide valuable and pro-competitive benefits for their members. However, because they bring together competing businesses, they also present competition law risks, particularly where they facilitate the exchange of commercially sensitive information or anti-competitive co-ordination. See Practice Note: Trade associations and competition law risk. This Checklist is intended to help legal, compliance and internal audit teams identify and assess potential competition law red flags during regular reviews of trade association participation. Particular care should be taken where a trade association has previously been investigated for, or found to have infringed, competition law, and businesses should ensure that appropriate safeguards are in place before participating. Governance and compliance Appropriate governance arrangements help ensure that trade association activities are conducted in accordance with competition law. A lack of documented procedures or oversight may increase the risk of inappropriate discussions

Trade associations can perform valuable and pro-competitive functions. They may represent an industry, develop technical or safety standards, provide training, collect market information, commission research and facilitate engagement with government, regulators and other stakeholders. However, because trade associations bring together businesses that may compete as sellers, purchasers, bidders or employers, they can also create competition law risk. The association may itself adopt an anti-competitive decision, or its meetings, working groups, surveys and informal events may facilitate agreements, concerted practices or exchanges of competitively sensitive information between members. Trade association participation is not inherently suspect. The central requirement is that members continue to determine their prices, output, customers, bids, employment terms and other commercial strategy independently, and that any cooperation is limited to what is necessary for a legitimate association activity. This Practice Note explains the legal principles governing trade association activity, the conduct most likely to create risk and the practical controls that associations and their members should use. It should be read alongside the organisation's wider competition law policies and any specific legal

The International Swaps and Derivatives Association, the Alternative Investment Management Association, the European Banking Federation, the European Fund and Asset Management Association and the Futures Industry Association have jointly petitioned the European Commission and European Supervisory Authorities to clarify that market participants are not required to implement the European Market Infrastructure Regulation (EMIR 3.0) Level 1 provisions prior to the date of application of the associated Level 2 regulatory technical standards. The trade associations note this is to avoid dual implementation which would impose disproportionate and unnecessary costs on firms without any substantial benefits.