This week's edition of Life Sciences weekly highlights includes news that the MHRA has updated its International Recognition Procedure (IRP) guidance, introducing changes to validation requirements, approval timelines, and eligibility criteria, including for advanced therapy medicinal products (ATMPs). Also included is news that the International Council for Harmonisation (ICH) has completed the revision of its Good Clinical Practice (GCP) guideline with the publication of Annex 2 covering decentralised and pragmatic clinical trials and the use of real-world data, and that the DHSC has launched a UK-wide consultation on restrictions for tobacco and vaping product packaging, appearance and retail display. Further news includes the MHRA has announced the sentencing of four members of an organised criminal group following an investigation into the illegal online supply of medicines, prescription-only medicines (POMs) and unauthorised medicinal products, as well as news that the UK Covid-19 Inquiry has published its Module 5 report identifying procurement failures in the supply of healthcare equipment during the coronavirus (COVID-19) pandemic.

The International Swaps and Derivatives Association (ISDA) has published a research note examining five years of global credit default swap (CDS) market activity from 2021–25, reporting that activity reached a record USD 41.8 trillion in 2025, surpassing the previous peak of USD 38.7 trillion in 2022. Index CDS drove the increase, accounting for 93.3% of total activity at USD 39.0 trillion, while single-name CDS activity stood at USD 2.8 trillion. The index-to-single-name ratio fell sharply to 8.5x in 2023 amid banking sector stress before recovering to 13.8x in 2025. Single-name CDS peaked at USD 3.3 trillion in 2023 following the failures of Silicon Valley Bank and other lenders. Index and single-name CDS responded differently to market events. During the 2020 coronavirus (COVID-19) pandemic and the 2025 US tariff shock, index CDS rose more sharply than single-name activity. CDX.NA.IG and iTraxx Europe together accounted for approximately 75% of index CDS activity in 2025, at 43.4% and 32.4% respectively. Market breadth remained stable, with 710–760 unique reference entities executed each quarter. Central clearing covered 78.1% of index CDS notional and 63.1% of single-name CDS notional in 2025. In H1 of 2026, total CDS trading reached USD 27.4 trillion, up 27.8% year-on-year, with index CDS rising 28.3% to USD 25.7 trillion and single-name CDS growing 19.8% to USD 1.7 trillion.

This week’s edition of Public Law weekly highlights includes a hand-picked summary of news analysis, legal updates and case law from the world of Public Law. These highlights include the latest updates on Brexit, equality and human rights, constitutional and administrative law, public procurement, information law, management and strategic planning, subsidy control and state aid, and other public law news. Key updates include a preliminary ruling request under the UK-EU Withdrawal Agreement, analysis of a recent decision of the European Court of Human Rights, a new Joint Framework on the legacy of the Troubles in Northern Ireland, a recent sifting update and a new document collection on government standard contracts.

This Resource Note outlines the main provisions of Chapter 4 of the Disclosure Guidance and Transparency Rules (DTR 4), which deals with the periodic financial reporting requirements for an issuer whose transferable securities are admitted to trading on a UK regulated market. It highlights relevant commentary, analysis and resources to assist with the interpretation of, and provide practical guidance on the application of DTR 4. Materials covered in this Resource Note include, where relevant: • the Financial Conduct Authority (FCA) Handbook • FCA guidance in its Knowledge Base—Procedural notes and Technical notes (which constitute formal guidance and are binding on the FCA) • FCA consultation papers, discussion papers, policy statements, feedback statements and warnings • Primary Market Bulletins and other FCA publications • former UKLA technical and procedural notes and the UKLA's newsletter List!, where still relevant to the interpretation or application of a provision • assimilated EU legislation • EU Directives and EU Regulations, where relevant to interpretation of a provision • Lexis+® UK analysis and resources Setting the scene • What

This week's edition of Public Law weekly highlights includes upcoming Module 2A hearings for the UK Covid-19 Inquiry, scrutiny of the UK-Rwanda Agreement and statements from the Northern Ireland Office on the formation of a Northern Irish executive. Additionally featured are selected Brexit headlines, including the first special report of Session 2023–2024 from the European Scrutiny Committee, a round-up of EU-UK TCA Specialised Committees’ publications and the latest Brexit SIs. This edition further includes updates on constitutional and administrative law; State accountability and liability; equality and human rights; State security and intelligence; subsidy control and State aid and management and strategic planning. Cases this week include Phillips v Secretary of State for Foreign, Commonwealth and Development Affairs, where an application to set aside a sanctions designation on human rights grounds was refused.

This week's edition of Public Law weekly highlights includes breaking news that the coming into force of the Procurement Act 2023 has been postponed until February 2025, plus the latest version of the Administrative Court Judicial Review Guide. It also includes feature analysis of the Supreme Court’s decision in Lipton v BA City Flyer Ltd on Air Passenger Rights and post-Brexit application of retained EU law. Case analysis this week further includes expert comment on Apple’s gender bias case over refusal of remote working. This edition additionally includes updates on constitutional and administrative law; public procurement; State accountability and liability; State security and intelligence; subsidy control and State aid; judicial review; equality and human rights and information law.

ARCHIVED: This Practice Note has been archived and is not maintained. A significant restructuring of the UK listing regime came into effect on 29 July 2024 which included the removal of the premium and standard listing segments and the creation of a single listing category for equity shares in commercial companies. The commercial companies category is heavily disclosure-based and sits alongside other listing categories such as the shell companies, secondary listing and closed ended investment fund categories.  The UK Listing Rules sourcebook came into force to implement the changes and the Listing Rules sourcebook was revoked. For further information see Practice Note: Reform of the UK listing regime—fundamentals. This Resource Note reflects the listing regime prior to 29 July 2024 and has been retained for reference purposes. This Resource Note highlights relevant commentary, analysis and resources to assist with the interpretation of, and provide practical guidance on the application of, Chapter 10 of the former Listing Rules in force prior to 29 July 2024. Materials covered in this Resource

This week's edition of Restructuring and Insolvency weekly highlights includes: the appointment of R3’s new president, Tom Russell, an analysis of the restructuring plan (RP) involving HMRC sanctioned for OutsideClinic Ltd, updated guidance for insolvency practitioners (IPs) dealing with regulated firms from the Financial Conduct Authority (FCA), plus a round-up of other news and cases for restructuring and insolvency professionals.

This fundamentals note seeks to provide accessible practical guidance and links to more comprehensive content in relation to the auditing of the accounts and reports of a company. In the United Kingdom, the audit of accounts and reports is governed by Parts 16 and 42 of the Companies Act 2006 (CA 2006). Under CA 2006, s 475, a company is required to have its annual accounts for a financial year audited in accordance with CA 2006, Pt 16, unless the company can take advantage of one of the exemptions available. The term ‘audit’ is not defined in the CA 2006, however, the function of a company’s auditor is to report on the annual accounts of a company (auditor’s report), copies of which must: • in the case of a private company, be sent to every member of the company, every holder of the company's debentures and every person who is entitled to receive notice of general meetings during the auditor’s tenure of office, or • in the case of a public company, be laid before the company in general meeting

ARCHIVED: This archived Practice Note provides guidance on completing Form 1 Application for permission (UKSC Form 1—PTA) or Form 1 Appeal (UKSC Form 1—Appeal). It considers serving the application for permission to appeal. It also considers other steps to be taken when filing that form (including other documents to be provided) and next steps by both the respondent (through its notice of objection) and the appellant. It provides guidance on completing the UKSC Form 3—Notice of objection/Acknowledgment by the respondent (Form 3). It also covers service and filing, extension of time applications, amendments to applications and additional objections. It is not maintained and is for background information only. Appeals filed before 2 December 2024 This Practice Note applies only to: • appeals to the Supreme Court which were proceeding before 2 December 2024, and • applications for permission to appeal and notices of appeal which were filed before 2 December 2024 unless the court or Registrar directs otherwise, the SCR shall

ARCHIVED: This Practice Note has been archived and is not maintained. Context As a result of the 23 June 2016 UK referendum on membership of the EU, which voted with a 52% majority voting in favour of the UK leaving the EU, government published the European Union (Withdrawal) Act 2018 (EU(W)A 2018). EU(W)A 2018 makes a range of legislative provisions in connection with the UK’s withdrawal from the EU, to provide a functioning statute book on the day the UK leaves the EU. As a general rule, the same rules and laws applied after exit day (11 pm on 31 January 2020) as before, until the implementation period completion date. For more on this, see Practice Note: Brexit legislation tracker [Archived]—Brexit SIs—commencement. From the point of its exit from the EU, the UK's relationship with the EU is governed by the Withdrawal Agreement, an international treaty negotiated by the UK and the EU during the withdrawal period, which aimed to: • tie up the administrative and financial loose ends associated with the UK's membership of the EU

This week's edition of Restructuring and Insolvency weekly highlights includes: an analysis of the scope of the mental health crisis moratorium (Forbes v Interbay; Forbes v Seculink) providing much needed clarity for stakeholders on treatment of secured debt, an examination of the Supreme Court’s landmark decision on the legal status of dealer-arranged car finance and disclosure of commissions to customers (Hopcraft v Close Brothers Limited and other cases), the FCA’s plans to consult on a motor finance compensation scheme, plus a round-up of other news and cases for restructuring and insolvency professionals.