In Practice

Ten years after their introduction, the UK government has launched a new consultation on the Insolvency (England and Wales) Rules 2016, as well as the Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018 (the Rules). As the second mandatory review of the Rules since they came into force, it presents an opportunity for reflection and targeted amendments. Rather than present a preferred package of reforms, the government seeks views on whether the Rules remain fit for purpose, whether there is scope to reduce administrative burdens, and how the procedural framework governing insolvency proceedings should respond to technological change. This In Practice piece highlights some of the key themes of the consultation that will be of significance to practitioners.

This In Practice article provides a perspective by Law Debenture and Reed Smith on trustee risk, delegation, cross-border enforcement and sovereign‑linked restructuring.

The authors examine various scenarios in which the exercise of a contractual discretion typically arises in banking and finance and provide a list of practical considerations for decision-makers.

In this In Practice article the authors consider the practical implications of extending the SMF7 role to controllers.

The overarching requirement that financial promotions must be “fair, clear and not misleading” remains unchanged. However, firms will have greater discretion in how they meet this standard, with less reliance on detailed CONC rules and more emphasis on their own judgement. In practice, compliance will increasingly be assessed by reference to whether communications deliver good consumer outcomes – particularly in terms of consumer understanding under PRIN 2A.5. This In Practice article reviews the key changes. 

In this In Practice article, the authors consider the recent Court of Appeal decision in Revenue and Customs v Burlington Loan Management DAC  [2026] EWCA Civ 461 and its implications for practitioners. 

The author examines the significance of the Arbitrum Security Council’s recent decision to freeze and transfer misappropriated cryptoassets without the private key. The author assesses the implications of this intervention for the principle of “not your keys, not your coins”, the blurring of boundaries between custodial and non-custodial wallets, and the broader ramifications for cryptoasset enforcement and recovery in the English courts and beyond.

New UK requirements will introduce a unified regulatory regime for operational incident reporting and reporting of material third‑party arrangements (MTPAs) from 18 March 2027. The rules, which are designed to align as far as possible with international regimes, introduce aligned definitions, templates, and processes for notifying regulators of serious operational incidents above a defined threshold and for registering and notifying new or significantly changed MTPAs. We take a look at the aims of the new regime, highlight key points to note and discuss implementation considerations for firms.

In this In Practice article the authors consider Italy’s Law No. 4 of 15 January 2026 which amends its foreign investment screening mechanism. The authors assess how the reform materially reshapes the procedural framework applicable to transactions concerning Italian banks, insurers and other financial institutions, as well as recent judicial developments affecting notification triggers for security interests in financing transactions and draw comparison with the UK National Security and Investment Act 2021.