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That was the year that was 2025 2025 was the year that ‘Celebrity Traitors’ captivated the nation; so much so that it looked like Rachel Reeves and Keir Starmer were inspired to betray their voters and kill their manifesto commitment to not raise taxes. As it happens, they couldn’t... Priorities in focus: 10 years of competition law in Hong Kong In this briefing, we highlight some of the latest developments in 2025 and revisit some of the pivotal milestones in the first decade of Hong Kong’s competition law regime.   2025 marks a significant milestone for Hong Kong’s competition law regime –... Competition and Regulatory Newsletter: FX collective proceedings: UK Supreme Court judgment On 18 December 2025, the UK Supreme Court (UKSC) handed down its judgment in the long-running foreign exchange (FX) collective proceedings (Evans v Barclays Bank plc & others). The judgment represents a landmark decision for the competition law... Public offers and admissions to trading regime: new rules come into force - highlights for Debt Capital Markets On 19 January 2026, the new public offers and admissions to trading regime comes into force, replacing the UK prospectus regulation-based regime that the UK inherited from the EU. On 19 January 2026, the new public offers and admissions to trading regime... Public offers and admissions to trading regime: new rules come into force - highlights for Equity Capital Markets On 19 January 2026 the UK’s new public offers and admissions to trading regime comes into force. Together with updates to the listing regime made in July 2024, the changes represent a crucial modernising step in the ongoing revitalisation of UK capital... Employment Bulletin - January 2026 Topics covered in this bulletin: Employment Rights Act: first set of changes; Trader entitled to discretionary bonus for period prior to dismissal; Complaint about tweets did not induce discrimination; Reduction in compensation for procedurally unfair... Hong Kong progresses new licensing regimes for virtual asset dealing and custody; consults on regimes for virtual asset advisory and management Following the introduction of licensing regimes for virtual asset trading platforms (VATPs) and stablecoin issuers, Hong Kong is progressing its plans to extend licensing requirements to other key parts of the virtual asset[1] (VA) ecosystem. In December... Tax and the City - January 2026 The Supreme Court agrees with the Court of Appeal in Hotel La Tour that input tax in respect of deal fees in relation to an exempt share sale is attributable to the share sale (and therefore irrecoverable), rather than to the taxpayer’s downstream taxable... Insurance Outlook 2026 The UK water white paper: a watershed moment? Described by the UK government as a “once-in-a-generation plan to overhaul the water system”, the Water White paper was published on 20 January 2026 (the White Paper). This is the UK government’s response to the review of the water sector in England and...