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Briefing Notes
Disputes
UK Supreme Court rules insurers were entitled to deduct COVID government grants from business interruption claims in landmark pandemic insurance judgment
The Supreme Court's deductibility ruling lets insurers close their pandemic books — but reopens quantum disputes on every unsettled BI claim.
Energy & Tech
European Commission sets out emergency energy package to cut electricity taxes and coordinate gas storage refill as Iran war triggers continent's second energy crisis in four years
Avoiding windfall taxes preserves energy company balance sheets but leaves a policy overhang that every major energy-sector client needs counsel to monitor.
Regulation
Consumer group launches first-ever legal challenge to the FCA's £7.5 billion motor finance redress calculation formula
A successful judicial review could reset industry-wide redress provisions, turning a compliance exercise into active litigation for every major motor finance lender.
Banking & Finance
ECB flags private credit as an emerging financial stability risk as systemic interconnections with banks and asset managers draw regulatory scrutiny
ECB scrutiny of bank-to-fund credit lines could reprice subscription finance and NAV lending across European private credit within two years.
International
Shell faces a second Dutch climate lawsuit as Milieudefensie returns to court seeking a binding emissions reduction order
If Dutch courts impose quantified emissions targets on Shell, every major energy M&A deal will need a climate liability schedule in due diligence.
AI & Law
Sullivan & Cromwell apologises to court for AI-generated 'hallucinations' in filed brief, reigniting debate on law firm AI governance obligations
AI hallucination liability is no longer a tech risk — it is a professional conduct risk that sits squarely with the supervising partner.
M&A
Goldman Sachs-backed Doxa acquires Eaton Gate Group to break into the UK mid-market commercial insurance sector
MGU acquisitions trigger FCA change-of-control approval, making regulatory timeline the critical deal-path constraint.
Capital Markets
FCA names eight new participants for its AI Live Testing initiative, expanding the sandbox through which fintech capital-markets entrants gain regulatory clearance
The FCA's AI sandbox is becoming the primary regulatory on-ramp for fintech firms seeking authorisation for AI-enabled financial products.