Property analysis: On 10 July 2025, the UK government published its ‘English Devolution and Community Empowerment Bill’, saying it aimed to let local people ‘take the reins in driving growth’. But tucked away in a 338 page Bill dealing primarily with government powers devolved to mayors, strategic authorities and local government is section 71 which is intended to prohibit certain terms in commercial leases, including those prescribing what are known as ‘upwards-only rent reviews’. The government did not undertake prior consultation on this and suffice to say, this has caught the commercial property industry entirely by surprise. We’ve taken a first look at the Bill and how the new provisions might operate if they become law. Written by Tim Reid, counsel at Hogan Lovells.

What are CCPs and what do they do? A central counterparty (CCP) is a type of financial institution (also known as a clearing house) which facilitates the clearing of both over-the-counter (OTC) derivatives and exchange-traded derivatives (ETDs). CCPs are classed as financial market Infrastructures (FMIs). A derivative is a type of financial instrument whose value is determined by reference to (and so derived from) an underlying asset, index, rate, reference point or risk (referred to as the underlying asset or underlying). Derivatives are bi-lateral contracts which involve the transfer of all or part of the risk and reward associated with the underlying from one party to another without the immediate transfer of the underlying itself. The terms of OTC derivatives are agreed directly between the parties (or in some cases arranged through a broker). OTC derivatives can be distinguished from derivatives (usually futures or options) which are traded on public exchanges (exchange traded derivatives or ETDs). The terms of ETDs are specified by the exchanges on which they are traded, not by the parties. ETDs are, generally,

What is clearing of derivatives? Clearing is a process which eliminates the normal risk that a party to a derivatives transaction will default (counterparty risk). The main parties involved in the clearing process are: • a financial institution known as a clearing house, and • other financial institutions, usually banks or brokers, which enter into a clearing agreement with the clearing house—these institutions are known as clearing members of the clearing house or simply clearing firms In cleared transactions: • all transactions are entered into by clearing members, which may do this for their own accounts or for the accounts of their clients, and • the clearing house interposes itself between the clearing members who have entered into the transaction, becoming a party to every transaction—each party therefore is exposed to the risk of the clearing house but not to the risk of the other party Clearing members do not need to be concerned with the identity or credit quality of their clearing member counterparties, but only with the credit quality

This Practice Note is for use when determining applicable law in the courts of England and Wales respect of events giving rise to damage, where such events occurred on or after 31 December 2020. This Practice Note considers UK Rome II, Regulation (EC) 864/2007 on the law applicable to non-contractual obligations. It covers the application of the regulation as well as the tools available to aid with interpretation. Note, that when dealing with disputes that involve a conflict of laws between different parts of the UK or between the UK and Gibraltar, UK Rome II will be applied where the harmful event occurred on or after 11 January 2009. For events that occur outside these dates, a different applicable law regime will be applied by the UK courts. Which regime is applied will depend on the date on which the event occurred. For guidance on the different regimes and their interrelationship, see Practice Note: Applicable law regimes. This Practice Note refers to UK Rome II, Regulation (EC) 864/2007. UK Rome II incorporates

This Practice Note is for use when determining applicable law in the courts of England and Wales in respect of events giving rise to damage, where such events occurred on or after 1 January 2021. Note, that when dealing with disputes that involve a conflict of laws between different parts of the UK or between the UK and Gibraltar, UK Rome II will be applied where the harmful event occurred on or after 11 January 2009. For events that occur outside these dates, a different applicable law regime will be applied by the UK courts. Which regime is applied will depend on the date on which the event occurred. For guidance on the different regimes and their interrelationship, see Practice Note: Applicable law regimes. This Practice Note provides an overview of the special rules which apply to specific types of claim under UK Rome II, Regulation (EC) 864/2007 on the law applicable to non-contractual obligations. These cover product liability, unfair competition and acts restricting free competition, environmental damage, intellectual

This Practice Note is for use when determining applicable law in the courts of England and Wales in respect of events giving rise to damage, where such events occurred on or after 1 January 2021. Note, that when dealing with disputes that involve a conflict of laws between different parts of the UK or between the UK and Gibraltar, Assimilated Rome II (UK Rome II) will be applied if the harmful event occurred on or after 11 January 2009. For events that occur outside these dates, a different applicable law regime will be applied by the UK courts. Which regime is applied will depend on the date on which the event occurred. For guidance on the different regimes and their interrelationship, see Practice Note: Applicable law regimes. This Practice Note considers the provisions in UK Rome II, Regulation (EC) 864/2007 on the law applicable to non-contractual obligations, Rome II. It looks at the general rule in Article 4(1) of UK Rome II, Regulation (EC) 864/2007 and then considers how the general

This Practice Note is for use when determining applicable law where the contract was entered into on or after 1 January 2021. For contracts entered into before 1 January 2021, a different applicable law regime will be applied by the UK courts. Which regime is applied depend on the date on which the contract was entered into. For guidance on the different regimes and their interrelationship, see Practice Note: Applicable law regimes. This Practice Note refers to UK Rome I, Regulation (EC) 593/2008. This regulation is applied when determining applicable law in cases in which the contract was entered into on or after 1 January 2021. Originally known as Retained Rome I, since 1 January 2024 it is known as Assimilated Rome I—the change is to the name only and not the provisions within the regulation. Authorities may refer to the regulation using either name and so, for ease of reference, the regulation is referred to as UK Rome I in this Practice Note. For information on assimilated

This Practice Note is for use when determining applicable law where the contract was entered into on or after 1 January 2021. For contracts entered into before 1 January 2021, a different applicable law regime will be applied by the UK courts. Which regime is applied will depend on the date on which the contract was entered into. For guidance on the different regimes and their interrelationship, see Practice Note: Applicable law regimes. This Practice Note refers to UK Rome I, Regulation (EC) 593/2008. Originally known as Retained Rome I, since 1 January 2024, it is known as Assimilated Rome I—the change is to the name only and not the provisions within the regulation. Authorities may refer to the regulation using either name and so, for ease of reference, the regulation is referred to as UK Rome I in this Practice Note. For information on assimilated law, see Practice Note: Assimilated law. This Practice Note provides an explanation as to when and why UK Rome I, Regulation (EC) 593/2008 was introduced.

ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note is for use when determining applicable law where the contract was entered into on or after 1 January 2021. For contracts entered into before 1 January 2021, a different applicable law regime will be applied by the UK courts. Which regime is applied will depend on the date on which the contract was entered into. For guidance on the different regimes and their interrelationship, see Practice Note: Applicable law regimes. This Practice Note refers to UK Rome I, Regulation (EC) 593/2008. Originally known as Retained Rome I, since 1 January 2024, it is known as Assimilated Rome I—the change is to the name only and not the provisions within the regulation. Authorities may refer to the regulation using either name and so, for ease of reference, the regulation is referred to as UK Rome I in this Practice Note. For information on assimilated law, see Practice Note: Assimilated law. This Practice Note considers consumer contracts

This Practice Note is for use when determining applicable law where the contract was entered into on or after 1 January 2021. For contracts entered into on different dates, a different applicable law regime will be applied by the UK courts. Which regime is applied will depend on the date on which the contract was entered into. For guidance on the different regimes and their interrelationship, see Practice Note: Applicable law regimes. This Practice Note refers to UK Rome I, Regulation (EC) 593/2008. This regulation is applied when determining applicable law in cases in which the contract was entered into on or after 1 January 2021. Originally known as Retained Rome I, since 1 January 2024 it is known as Assimilated Rome I—the change is to the name only and not the provisions within the regulation. Authorities may refer to the regulation using either name and so, for ease of reference, the regulation is referred to as UK Rome I in this Practice Note. For information on assimilated law, see Practice Note:

This Practice Note is for use when determining applicable law where the contract was entered into on or after 1 January 2021. For contracts entered into before 1 January 2021, a different applicable law regime will be applied by the UK courts. Which regime is applied will depend on the date on which the contract was entered into. For guidance on the different regimes and their interrelationship, see Practice Note: Applicable law regimes. This Practice Note refers to UK Rome I, Regulation (EC) 593/2008. This regulation is applied when determining the applicable law in cases in which the contract was entered into on or after 1 January 2021. Originally known as Retained Rome I, since 1 January 2024 it is known as Assimilated Rome I—the change is to the name only and not the provisions within the regulation. Authorities may refer to the regulation using either name and so, for ease of reference, the regulation is referred to as UK Rome I in this Practice Note. For information on assimilated law,

This Practice Note is for use when determining applicable law where the contract was entered into on or after 1 January 2021. For contracts entered into before 1 January 2021, a different applicable law regime will be applied by the UK courts. The regime will depend on the date on which the contract was entered into. For guidance, see Practice Note: Applicable law—a guide for dispute resolution practitioners. This Practice Note refers to UK Rome I, Regulation (EC) 593/2008. This regulation is applied when determining applicable law in cases in which the contract was entered into on or after 1 January 2021. Originally known as Retained Rome I, since 1 January 2024 it is known as Assimilated Rome I—the change is to the name only and not the provisions within the regulation. Authorities may refer to the regulation using either name and so, for ease of reference, the regulation is referred to as UK Rome I in this Practice Note. For information