FSR Brief EP7: Concluding the saga: changes to transparency in investigations & enforcement guide

On 3 June 2025, the FCA published PS25/5 https://www.fca.org.uk/publication/policy/ps25-5.pdf which included the final version of its updated Enforcement Guide. In Episode 7 of the FSR Brief, Jon Ford and Michael Tan discuss the key changes to the FCA's approach to transparency in relation to investigations and the other changes to the Enforcement Guide, and how these may play out in practice. For an overview of the changes, read our blog post on PS25/5 https://www.hsfkramer.com/notes/fsrandcorpcrime/2025-posts/fca-final-enforcement-guide

In this edition of our banking litigation podcast, we consider some recent cases that will be most relevant to in-house lawyers at banks and financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guest Alexander Gridasov. You can find links to our blogs on the cases covered in this podcast below: County Court considers limitation period for unfair relationship claim in secret commission case https://www.hsfkramer.com/notes/bankinglitigation/2025-04/county-court-considers-limitation-period-for-unfair-relationship-claim-in-secret-commission-case Supreme Court confirms fiduciary must account even for profits that would have been made without the breach of duty https://www.hsfkramer.com/notes/bankinglitigation/2025-04/supreme-court-confirms-fiduciary-must-account-even-for-profits-that-would-have-been-made-without-the-breach-of-duty High Court grants banks' request to revoke final anti-suit injunctions in their favour but refuses to revoke declarations on jurisdiction https://www.hsfkramer.com/notes/bankinglitigation/2025-04/high-court-grants-banks-request-to-revoke-final-anti-suit-injunctions-in-their-favour-but-refuses-to-revoke-declarations-on-jurisdiction Court lambasts citation of fake authorities in proceedings and orders wasted costs https://www.hsfkramer.com/notes/litigation/2025-05/court-lambasts-citation-of-fake-authorities-in-proceedings-and-orders-wasted-costs Court of Appeal decision shows possibility of parallel proceedings inherent in asymmetric jurisdiction clauses https://www.hsfkramer.com/notes/litigation/2025-05/court-of-appeal-decision-shows-possibility-of-parallel-proceedings-inherent-in-asymmetric-jurisdiction-clauses Asymmetric jurisdiction clauses: when will they be effective? https://www.hsfkramer.com/notes/bankinglitigation/2025-04/asymmetric-jurisdiction-clauses-when-will-they-be-effective An overview of potential disputes caused by market dislocation https://www.hsfkramer.com/notes/bankinglitigation/2025-04/an-overview-of-potential-disputes-caused-by-market-dislocation Greenwashing at a glance - regulatory sanctions and claims in financial services across Europe https://www.hsfkramer.com/notes/bankinglitigation/2025-04/greenwashing-at-a-glance-regulatory-sanctions-and-claims-in-financial-services-across-europe Don't forget to subscribe to the banking litigation blog. https://hsfnotes.com/bankinglitigation/subscribe/

In this episode of the Herbert Smith Freehills Kramer 'Tax Bites' podcast, host Toby Eggleston alongside Professor Graeme Cooper and fellow partner Ryan Leslie, explore the complexities of the third party debt test as it relates to Australia's thin capitalisation rules. Key discussions include the overview and operational intricacies of the third party debt test introduced to replace the arm's length debt test, the guidance and issues arising from the ATO, and the impact of these changes on the infrastructure and property sectors. Special segments also cover the ATO's draft practical compliance guidelines on related party financing and the tax risk associated with the quantum of debt. In addition, the episode highlights updates on Section 899, U.S. tax policy interactions, and a farewell to fan favourite, Graeme Cooper after his substantial contributions to the firm. 00:10 Introduction and Welcome 00:54 Overview of Thin Capitalisation Rules 02:56 Third Party Debt Test Explained 06:11 Emerging Issues with Third Party Debt Test 12:34 Practical Challenges and Industry Reactions 20:14 Conduit Financing and Swap Costs 28:04 Draft Practical Compliance Guide (PCG) PCG 2025/D2 44:01 Closing Remarks and Farewell

Interview with Jen Sisson, CEO of the International Corporate Governance Network (ICGN) on AGMs, corporate reporting and governance reform in 2025 Speakers: Gareth Sykes, Partner and Jen Sisson, CEO of The International Corporate Governance Network

Interview with Jen Sisson, CEO of the International Corporate Governance Network (ICGN) on AGMs, corporate reporting and governance reform in 2025 Speakers: Gareth Sykes, Partner and Jen Sisson, CEO of The International Corporate Governance Network

In our second episode of Inside Employment, we explore the evolving intersection between industrial relations and immigration law. As regulatory frameworks continue to shift, we’re seeing increasing crossover in the concepts and compliance expectations that govern both domains. Joining host Drew Pearson, Partner at Herbert Smith Freehills Kramer, and Executive Counsel Sophie Beaman, is special guest Charles Johanes from Fragomen. Together, they unpack the parallels between recent developments in IR legislation and the emerging trends in immigration compliance. From the growing role of regulators to the shared challenges faced by employers navigating these complex landscapes, this conversation offers valuable insights for legal professionals, HR leaders, and policy watchers alike.

Marina Reason and Chloe Kim unpack the FCA's proposals on issuing qualifying stablecoins that are set out in consultation paper 25/14, published in late May. In CP25/14, the FCA also seeks views on proposed rules and guidance for safeguarding qualifying cryptoassets, including qualifying stablecoins. We will consider these proposals in a future podcast. Publication of CP25/14 represents another milestone met under the FCA's crypto roadmap. It follows publication by HM Treasury (in late April) of near-final draft legislation to create new regulated activities for cryptoassets, and an FCA discussion paper (DP25/1) (published in early May) on regulating cryptoassets, Both the draft legislation and DP25/1 are considered in our recent podcast on the Top 3 takeaways from the new crypto rules https://soundcloud.com/hsfkramer/fsr-the-new-uk-crypto-rules and our related blog post https://www.hsfkramer.com/notes/fsrandcorpcrime/2025-posts/uk-cryptoassets-regime-the-draft-rules-have-landed.

In this edition of the Public Law podcast series, Andrew Lidbetter and Jasveer Randhawa explore implications of the growing role of AI in decision-making by public bodies and regulators. With AI being increasingly used to inform regulatory and public body decisions, Andrew and Jasveer outline how the current judicial review procedure operates in the context of a challenge to a decision which has involved the use of AI. Exploring its complexities, they discuss challenges posed by decisions which involve the use of AI and the possibility of future changes in judicial review practice which this developing technology may require. Speakers: Andrew Lidbetter (Consultant) and Jasveer Randhawa (Knowledge Counsel).

In this episode of the Herbert Smith Freehills Kramer Tax Bites podcast, hosts Toby Eggleston and Professor Graham Cooper discuss the significant implications of the proposed Section 899 under President Trump's 'One Big, Beautiful Bill' Act. They delve into how these retaliatory taxes imposed by the US aim to counteract what are perceived to be unfair or discriminatory foreign taxes, particularly affecting Australian companies. The discussion covers the legislative background, specific unfair taxes such as undertaxed profits rules, digital services taxes, and diverted profits taxes. They also explore the potential consequences for Australian taxpayers, the Australian government's actions, and the broader impact on the international tax regime. 00:10 Introduction and Greetings 00:31 Overview of Section 899 and Its Implications 00:56 Background and Legislative Process 01:52 Impact on Australian Firms and Government 05:26 Unfair Foreign Taxes Defined 10:29 Potential Triggers and Affected Taxes 11:53 Impact on Australian Taxpayers and Government 16:52 Modifications to BEAT Rules 20:50 Treaty Interactions and Future Implications 23:23 Conclusion and Final Thoughts

This is the 31st episode of our series of commercial litigation update podcasts. In this episode we will discuss fake authorities, the Hague 2019 judgments convention, the Civil Justice Council's report on litigation funding, a recent decision where the English court has accepted jurisdiction despite acknowledging that the case had a closer connection with Brazil, and some interesting recent cases on responding to proceedings and inadvertent disclosure of privileged material. This episode is hosted by Maura McIntosh, a knowledge counsel in our commercial litigation team, who is joined by Neil Blake, a disputes partner, and Tracey Lattimer, a knowledge lawyer in the commercial litigation team. Below you can find links to our blog posts on the developments and cases covered in this podcast. Links • Court lambasts citation of fake authorities in proceedings and orders wasted costs - https://www.hsfkramer.com/notes/litigation/2025-05/court-lambasts-citation-of-fake-authorities-in-proceedings-and-orders-wasted-costs • The Hague 2019 Judgments Convention: Bolstering the UK's position as a jurisdiction of choice for international dispute resolution - https://www.hsfkramer.com/notes/litigation/2024-06/the-hague-2019-cudgments-convention-bolstering-the-uks-position-as-a-jurisdiction-of-choice-for-international-dispute-resolution • Civil Justice Council's final report on litigation funding recommends "light touch" statutory regulation - https://www.hsfkramer.com/notes/litigation/2025-06/civil-justice-councils-final-report-on-litigation-funding-recommends-light-touch-statutory-regulation • High Court allows case to proceed against defendant companies domiciled in England despite claims having more real and substantial connection with Brazil - https://www.hsfkramer.com/notes/litigation/2025-03/high-court-allows-case-to-proceed-against-defendant-companies-domiciled-in-england-despite-claims-having-more-real-and-substantial-connection-with-brazil • High Court declines to extend time for defendant to challenge court's jurisdiction, despite claim form having been served out of time - https://www.hsfkramer.com/notes/litigation/2025-04/high-court-declines-to-extend-time-for-defendant-to-challenge-courts-jurisdiction • High Court grants permission to rely on inadvertently disclosed privileged documents where the mistake was not obvious - https://www.hsfkramer.com/notes/litigation/2025-05/high-court-grants-permission-to-rely-on-inadvertently-disclosed-privileged-documents-where-the-mistake-was-not-obvious See podcast episode transcript here - https://marketing.hsfkramer.com/20/33497/landing-pages/commercial-litigation-podcast-transcript-ep31.pdf