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Funds and insurers entering into derivatives If you are a fund, insurer or other non-bank financial entity and you enter into derivatives, regulatory obligations may apply to you, as a Financial Counterparty (FC), under EU and UK regulation. In this briefing we give an overview of these obligations.... Real Estate Newsletter - October 2025 NEWS The only way is up The end of upwards-only rent reviews? Hidden in the English Devolution and Community Empowerment Bill is a surprise provision to ban upwards-only rent reviews in new commercial leases. It’s stated objective is to “make commercial l... Tax and the City Review - October 2025 Discussions are ongoing at the OECD/IF on the design of the ‘side-by-side’ system. In its unanimous judgment in Prudential, the Supreme Court provides much-needed clarity on the interaction of the VAT grouping rules and the time of supply rules which appl... Bankers’ bonus reform: cutting the red tape This briefing looks at major changes to UK bank bonus rules finalised by the PRA and FCA on 15 October 2025. Introduction On 15 October 2025, the PRA and FCA finalised their proposals for significant relaxations to rules governing remuneration for banks a... The Lens Newsletter - October 2025 A selection of our latest blogs on all things digital from our experts and thought leaders here at Slaughter and May. Same Warnings. Same Threats. Bigger Consequences… Increase in highly and nationally significant cyber-attacks in 2025, NCSC announces. I... Competition and Regulatory Newsletter: European Commission fines Gucci, Chloé and Loewe more than €157 million for resale price maintenance On 14 October 2025, the European Commission announced that it has levied fines totalling more than €157 million against three luxury fashion brands — Gucci, Chloé and Loewe. The penalties follow a Commission investigation which concluded that each of the ... CDC gathers momentum as key plank of future pension provision The Government has published its response to consultation on unconnected multi-employer CDC schemes (UMESs) alongside draft regulations which are due to come into force next summer. It has also issued a consultation paper on the use of CDC as decumul... China strengthens digital market regulation with revised Anti-Unfair Competition Law On 15 October 2025, China’s revised Anti-Unfair Competition Law (AUCL) came into force. This marks the third major amendment to the AUCL since its enactment in 1993, with previous revisions in 2017 and 2019. Notably, while a consultation draft of the revi... Data Privacy Newsletter - Issue 29 In this issue: Legal updates, case law update, regulator guidance, updates from the ICO, updates from the EDPB, ICO enforcement overview, EU GDPR enforcement overview, view from Africa, The Lens blogs. As we edge toward Christmas, we reflect on a busy yea... Competition and Regulatory Newsletter: European Court of Justice upholds European Commission fine for Teva and Cephalon in “pay-for-delay” case On 23 October 2025 the European Court of Justice dismissed an appeal by pharmaceutical companies Teva and Cephalon, upholding a European Commission decision that found the parties had entered into a "pay-for-delay" arrangement that postponed the market en...