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 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

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 will apply 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,

Law360, London: The UK sanctions regime faces a major test on 15 January 2025 as billionaire Eugene Shvidler seeks to have his financial restrictions cast off, the first case to challenge Russian sanctions to reach the country's highest court.

The UK Supreme Court (UKSC) and Judicial Committee of the Privy Council (JCPC) has published the second year of their 2023/2026 business plan. The plan focuses on five key strategic priorities which are serving the public, providing a world class service, focusing on our people, engaging outwards and diversity, inclusion and belonging.

This Practice Note looks at the proposals to improve the secondary capital raising process by existing publicly traded companies as set out in Mark Austin’s UK Secondary Capital Raising Review published in July 2022 and how the proposals have been taken forward. Background Lord Hill’s UK Listing Review published in March 2021 made a series of recommendations on how to boost the UK as a destination for IPOs and optimise the capital raising processes for companies on the UK markets. One of the recommendations was to consider how to improve the efficiency of further capital raising by listed companies. The UK Secondary Capital Raising Review was launched in October 2021 when HM Treasury appointed Mark Austin to lead an independent review of the secondary capital raising processes in the UK. Mark Austin is chair of the Financial Conduct Authority’s (FCA) Listing Authority Advisory Panel. The objective of the review, as set out in the government’s Terms of Reference, was to make recommendations as to how to improve capital raising processes by existing publicly traded companies.

ARCHIVED: This Practice Note is archived and is no longer maintained. This Practice Note provides information on Assimilated Regulation (EU) 2017/2402 (UK Securitisation Regulation). The UK securitisation regime—UK Securitisation Regulation and related legislation The principal measures comprising the UK securitisation regime are: • the UK Securitisation Regulation • Assimilated Regulation (EU) 2017/2401 (the UK CRR Amendment Regulation) which makes the capital treatment of securitisations for banks and investment firms under the Assimilated Regulation (EU) 575/2013 (UK CRR) more risk-sensitive and able to reflect properly the specific features of STS securitisations, and • Commission Delegated Assimilated Regulation (EU) 2018/1221 (the UK Solvency II Delegated Act Amendment Regulation)’ which makes a number of changes to Commission Delegated Assimilated Regulation (EU) 2015/35 (the UK Solvency II Delegated Act), to ensure alignment and consistency with the UK Securitisation Regulation and the UK CRR Amendment Regulation The UK Securitisation Regulation and the UK CRR Amendment Regulation together create an integrated framework for securitisations in the UK covering: • simple, transparent and standardised (STS) securitisations—for further information, see: STS securitisations

ARCHIVED: This document is archived and no longer maintained. This Practice Note provides high level information on Assimilated Regulation (EU) 2017/2402 (the UK Securitisation Regulation. The UK Securitisation Regulation is complemented by: • Assimilated Regulation (EU) 2017/2401 (the UK CRR Amendment Regulation), which amends the regulatory capital treatment under Assimilated Regulation (EU) 575/2013 (UK CRR) of both STS and non-STS securitisation positions held by credit institutions and investment firms, and • Commission Delegated Assimilated Regulation (EU) 2018/1221 (the UK Solvency II Delegated Act Amendment Regulation), which aligns the regulatory capital treatment under Commission Delegated Assimilated Regulation (EU) 2015/35 (the UK Solvency II Delegated Act) of STS securitisation positions held by insurers and reinsurers with the regulatory capital treatment under the UK CRR of STS securitisation positions held by credit institutions and investment firms For information on the UK CRR Amendment Regulation and the UK Solvency II Delegated Act Amendment Regulation, see Practice Note: UK regulatory capital treatment of securitisations under CRR and Solvency II from 1 January 2019. Reform of the UK securitisation

STOP PRESS: Short Selling Regulations 2025, SI 2025/29 were made and published on 13 January 2025, along with an Explanatory Memorandum. The regulations replace the assimilated and establish a new legislative framework for the regulation of short selling in the UK, creating designated activities for short selling and giving the Financial Conduct Authority (FCA) rulemaking powers related to those activities, and powers to intervene in exceptional circumstances. The regulations restate the requirement for firms to notify the FCA of net short positions above 0.2% of issued share capital and whilst HM Treasury retains the power to amend this threshold, the FCA may require notifications at a different threshold in exceptional circumstances. Certain provisions came into force on 14 January 2025, with the remaining provisions coming into force on the day on which the revocation of the UK Short Selling Regulation comes into force under the Financial Services and Markets Act 2023. For a summary of the background to the new UK regime, see Practice Note: The UK Short Selling Regulation [Archived]. Regulation

An entity derived from a European company (or Societas Europaea (SE)) as a result of Brexit. An SE is a body corporate that may be formed within the EU. Once formed, it has its own legal personality, is registered in the member state in which it has its head office, but has EU-wide recognition and status. An SE is a public limited liability company governed by the law of the member state in which it has its registered office. As a result of the UK leaving the EU, any SE still registered in the UK on 1 January 2021 automatically converted into a UK Societas. The entity may remain as a UK Societas, be wound up, or converted to a UK public company. UK branches of SEs registered in an EU member state will have to comply with the Overseas Company Regulations from 1 January 2021.

ARCHIVED: This Practice Note has been archived and is no longer maintained. It considers the law and regulation relating to the corporate structure known as a UK Societas. A UK Societas has its roots in the European company structure (also known as a Societas Europaea or SE), which, since the UK left the EU, is no longer available within the UK. It is included for background information only. European companies and the impact of Brexit A European company, otherwise known as a Societas Europaea or SE, is a body corporate that may be formed within the Europe Union (see Council Regulation 2157/2001/EEC of 8 October 2001 on the Statute of a European Company (SE Regulations)). Once formed, it has its own legal personality, is registered in the member state in which it has its head office, but has EU-wide recognition and status. An SE is a public limited liability company governed by the law of the member state in which it has its registered office. A European company was capable of being registered in the UK prior to its exit

The UK Space Agency, the Medicines and Healthcare products Regulatory Agency (MHRA), the Regulatory Innovation Office (RIO) and the Civil Aviation Authority (CAA) have announced a collaborative effort to develop a regulatory framework for in-orbit pharmaceutical manufacturing. Their joint initiative includes the creation of principles-based case studies designed to illustrate regulatory pathways for companies operating in the space, biotech, and pharmaceutical sectors. These case studies will leverage existing legislative frameworks under the Space Industry Act 2018 and the Outer Space Act 1986.

The UK Stewardship Code first published in 2002 by the then Institutional Shareholders Committee (ISC). The UK Stewardship Code supplements the UKCG Code and aims to enhance the quality of engagement between institutional investors and companies.