Insights

The FCA has recently published Policy Statement PS26/19, finalising its rules on sustainability disclosures for listed companies. As discussed in our earlier article here, the FCA had consulted on proposals to replace the existing TCFD-aligned disclosure regime with new requirements based on the UK Sustainability Reporting Standards (UK SRS). The final rules depart from the consultation proposals in a number of significant respects. 

The UK government has launched a consultation that could fundamentally change the UK’s corporate reporting framework. The consultation was published on 7 September 2026 and closes on 30 November 2026. 

Part Two of a Two-Part Client Alert Series. This Alert builds on the discussion in Part One, which surveyed Bear Creek (2017), Copper Mesa (2016), South American Silver (2018), Eco Oro (2021), and Lupaka (2025).

September 2026 marks the first anniversary of the corporate criminal offence of failure to prevent fraud coming into force under section 199 of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). The Home Office guidance recommends that organisations review their fraud prevention measures at least every 12 months.

This Alert, the first in a two-part series, surveys the legal landscape at the intersection of two issues that increasingly shape the outcome of mining and natural resources disputes regarding the protections available to foreign investors under investment treaties, as enforced through Investor-State Dispute Settlement (ISDS). The first is the prior consultation obligation imposed on States under the Indigenous and Tribal Peoples Convention, 1989 (No. 169), adopted by the International Labour Organization (ILO 169). The second is social license, the practical acceptance of a project by surrounding communities, which is distinct from but related to the formal State consultation duty. This Alert examines these issues across five foundational ISDS decisions:

The UK Supreme Court has unanimously dismissed the appeal of Mr Francesco Costa, former chairman of Spring Media Investments Limited, in the first Supreme Court judgment to consider the scope of the duty under section 172(1) of the Companies Act 2006. The foundational position is that good faith requires honest conduct as well as honest thinking. A director's genuine belief that they are acting in the company's best interests will not excuse covert or disloyal conduct in pursuit of that belief. 

On August 12, 2026, the White House released a National Security Presidential Memorandum (NSPM), marking a seismic shift in U.S. cybersecurity policy and establishing a framework to authorize private-sector companies to conduct offensive cyber operations—historically strictly prohibited by federal law—against foreign Cyber-Enabled Transnational Criminal Organizations (CE-TCOs).  It builds on an executive order issued in March 2026 that directed federal agencies to develop plans to combat cyber-crimes against Americans.

English law has long treated the choice between terminating for repudiatory breach and exercising a contractual termination right as consequential. Under the Financings[1] causation principle, a party exercising a contractual right for a non-repudiatory breach could recover losses accrued to the date of termination — but nothing more. Loss of bargain was out of reach unless the breach went to the root of the contract. A practical workaround, confirmed in Lombard,[2] was to designate the relevant obligation as a condition, elevating any breach to repudiatory status, but that device carries significant strategic risk if the termination is later found to have been wrongful.

We are pleased to announce that Crowell & Moring and Crowell GovCon Strategies will be exhibiting at Farnborough International Airshow (FIA 2026), one of the world's premier aerospace, defence and space events. FIA is where the aerospace, defence and space industry comes together. It is where deals are made, partnerships are formed, and the future direction of the sector takes shape. For businesses operating in this environment, navigating complex regulation, competing for government contracts, protecting critical intellectual property and managing international trade across multiple jurisdictions demands the right legal and strategic counsel.

The EU Cyber Resilience Act (CRA) is an EU product cybersecurity law for connected products (formally, “products with digital elements” under the CRA) commercialized in the EU; it entered into force on 10 December 2024, with direct application across the EU. Full application begins 11 December 2027, but one of its most operationally demanding provisions takes effect in just under 100 days, on 11 September 2026: the mandatory vulnerability and incident reporting under Article 14 CRA.

Introduced to Parliament on 19 May 2026, the Commercial Payments Bill represents a significant reform to payment legislation. Targeting a problem that costs the economy £11 billion per year, the Bill introduces a package of hard-edged protections that businesses cannot avoid through contract.

The International Chamber of Commerce (ICC) has released its revised 2026 Arbitration Rules (the 2026 Rules), which entered into force on 1 June 2026. The revisions represent a significant update to the 2021 ICC Rules (the 2021 Rules) and reflect a clear institutional focus on efficiency, procedural flexibility, and expedited dispute resolution.

The UK has successfully concluded a milestone free trade agreement (FTA) with the Gulf Cooperation Council (GCC) countries. We set out below a high-level comment on the FTA’s chapters and some of the key provisions.

The first applications to lift an automatic suspension under the Procurement Act 2023 (the Act) have recently been decided. In Parkingeye Limited v Velindre University NHS Trust & Anor [2026] EWHC 1019 (TCC), handed down on 1 May 2026, HHJ Keyser KC dismissed applications by two NHS contracting authorities to lift the suspension preventing them from concluding a car park management services contract. This is the first judicial consideration of the new test under section 102(2) of the Act.

Businesses affected by the Strait of Hormuz crisis are likely to be navigating both sides of the contractual liability equation: seeking to enforce protections while simultaneously trying to limit their own exposure. This balancing act will feel familiar to those who managed supply chain disruptions during the Covid pandemic or in response to Russian sanctions. But the scale of uncertainty and the severity of the current situation make it particularly challenging to chart a clear path forward. This note provides an overview of the English-law issues that have arisen in this current crisis and is relevant for companies and legal counsel seeking to understand and mitigate contractual risk in their supply chains, including for shipping, energy, commodities, and construction.

The president of the Competition Appeal Tribunal (CAT) has signalled a more rigorous approach to scrutinising opt-out collective actions at the certification stage, with particular attention to whether the financial benefits of such claims flow to the claimant class or primarily to their lawyers and funders. Coming at a time when the UK Law Commission is consulting on expanding the scope of the opt-out regime, this development warrants careful consideration by all those with interests in the UK litigation funding market.

The ICCU is poised to become one of the most significant international compensation mechanisms of this generation. Crowell & Moring has the experience to help with your claim.

In March 2026, the UK Information Commissioner (ICO) published guidance on the new lawful basis for processing personal data introduced by the Data (Use and Access) Act 2025 (DUAA): the recognised legitimate interest (RLI) lawful basis. Controllers may now rely upon one of five pre-approved conditions, each focused on specific public-interest justifications, for personal data processing.

The EU has adopted its 20th package of sanctions in connection with Russia's ongoing war against Ukraine, resolving a prolonged internal political deadlock that had been caused by vetoes from Hungary and Slovakia. The package amends Regulations 833/2014, 269/2014, and 765/2006 and the respective Council Decisions and Implementing Regulations. The texts entered into force on 24 April 2026. They are available through this link.

The UK’s Office of Financial Sanctions Implementation (OFSI) has published details of a £390,000 penalty it imposed on ADI, an Irish subsidiary of Apple Inc., on 19 March 2026. The penalty relates to two payments totalling approximately £635,000 made in 2022 to Okko LLC, a sanctioned Russian app developer, for App Store revenue. Although the underlying facts are relatively simple, there are several interesting takeaways from OFSI’s penalty notice.