A summary of the most material developments expected in the next 6-12 months which will be of relevance to UK listed companies.

In this episode of the Herbert Smith Freehills Kramer Tax Podcast, Tax Bites, partner Toby Eggleston, Associate Dan Beratis, and Ryan Leslie delve into the Full Federal Court's decision in the Commissioner of Taxation v Hicks case. They discuss the background, facts, and history of the case, which involved a fashion retail business named City Beach, its restructure, and the tax implications under Section 45B and Part IVA of the 1936 Act. The episode covers the court's reasoning, the taxpayer's and commissioner's arguments, and key takeaways from the case, including the interpretation of Section 45B, the role of purpose in tax legislation, and the application of anti-avoidance rules. Additionally, insights from the recent PepsiCo decision and the potential impacts on future tax cases are explored. 00:10 Introduction and welcome 00:29 Case background and facts 02:53 Restructure details 04:40 Commissioner's response 06:35 Full Federal Court's reasoning 07:51 Section 45B analysis 17:41 Part IVA analysis 24:10 Conclusion and final thoughts

Join Knowledge Counsels, Liz Kantor and Vanessa Naish, together with special guest Craig Tevendale, Partner and head of the HSF Kramer arbitration group in London, as they explore the most significant English arbitration cases and developments of 2025. In this episode, they discuss recent case law on the boundaries of arbitral confidentiality, time limits for challenging awards and competing dispute resolution clauses. They also look ahead to major decisions expected in 2026 on state immunity and the purpose and limits of the New York Convention. Offering practical insights for practitioners and clients navigating the evolving landscape of English arbitration, this episode will ensure that you stay on top of the latest trends and judgments shaping the field of commercial arbitration.

If you have just one podcast on your holiday listening list, this is it ¬— our Cross Examining Cyber: 2025 Summer Wrapped Podcast Special. In this episode, we bring together highlights from the last 12 months. Pearls of wisdom from our various podcast guests including the National Cyber Security Coordinator, Lt Gen Michelle McGuinness, CyberCX’s Alistair MacGibbon, Karen Kukoda from Google Mandiant, CEO of the AICD Mark Rigotti, Tamir Maltz (Australia’s leading cyber injunction barrister), Bruce Tonkin (CEO of auDA) and our very own Carolyn Pugsley, Christine Wong and Peter Jones. This is Cross Examining Cyber’s 2025 Summer Wrapped Podcast Special. Here we go…

As 2025 draws to a close, join presenters Steve Bell, Rohan Doyle and Natalie Gaspar for a special combined episode of Inside Employment, IR and Safety, reflecting on the year that was. In this final episode for 2025, we unpack the key developments in Employment, IR and Safety that shaped workplaces this year, and share lessons learned and tips for employers.

In this FESTIVE SPECIAL 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 guests Sarah Penfold, Charlotte Benton, Alexander Gridasov, Tom Wyer, Nic Patmore, Scott Warin and Tim Kyriakou. You can find links to our blog posts on the case covered in this podcast below: • High Court finds default interest clause in loan agreement is not an unenforceable penalty https://www.hsfkramer.com/notes/bankinglitigation/2025-11/high-court-finds-default-interest-clause-in-loan-agreement-is-not-an-unenforceable-penalty • County Court rejects discrimination claim on procedural grounds but finds refusal of financial services because a company is Russian owned would amount to direct discrimination https://www.hsfkramer.com/notes/bankinglitigation/2025-11/county-court-rejects-discrimination-claim-on-procedural-grounds • Privy Council holds that there is no legal requirement in the tort of deceit to show that a claimant was consciously aware of the representation made https://www.hsfkramer.com/notes/bankinglitigation/2025-11/privy-council-holds-that-there-is-no-legal-requirement-in-the-tort-of-deceit-to-show-that-a-claimant-was-consciously-aware-of-the-representation-made • High Court dismisses judicial review challenge of FCA's Naming Announcement https://www.hsfkramer.com/notes/bankinglitigation/2025-11/high-court-dismisses-judical-review-challenge-of-fcas-naming-announcement • High Court confirms that non-authorised fee earners cannot conduct litigation https://www.hsfkramer.com/notes/litigation/2025-10/what-can-a-non-admitted-fee-earner-do-when-working-on-litigated-matters • Commercial Court pilot will mean many more court documents publicly available by default from 1 January 2026 https://www.hsfkramer.com/notes/bankinglitigation/2025-09/commercial-court-pilot-will-mean-many-more-court-documents-publicly-available-by-default-from-1-january-2026 • 2025 Global Bank Review - Innovating amid turbulence https://www.hsfkramer.com/notes/bankinglitigation/2025-11/2025-global-bank-review-innovating-amid-turbulence Don't forget to subscribe to the banking litigation blog https://hsfnotes.com/bankinglitigation/subscribe/

In this episode, Steve Bell, Aaron Anderson and Olga Klimczak explore the evolving responsibilities of directors in managing workplace safety. The discussion covers critical hazards and controls, the impact of Queensland legislation, and the three pillars of managing critical risks effectively – diligence, governance, and reporting and transparency. Our hosts unpack how directors can maintain visibility over governance structures while meeting growing expectations for accountability. We also examine the role of regulators in workplace investigations and the challenges posed by the sheer volume and pace of regulatory change. Tune in to gain practical insights on strengthening governance frameworks and staying ahead in a rapidly shifting compliance landscape.

In the third episode of our 'Future of wealth management' podcast series, Barney Hinnigan, Marina Reason and Chris Hurn consider the FCA's findings from its multi-firm review of consolidation in the financial advice and wealth management sector. We also discuss the review findings in a related blogpost – see Wealth consolidation - FCA review findings https://www.hsfkramer.com/notes/fsrandcorpcrime/2025-posts/wealth-consolidation-fca-review-findings Speakers: Barney Hinnigan, Partner, Corporate, Marina Reason, Partner, Financial Services Regulatory, Chris Hurn, Of Counsel, Financial Services Regulatory

In the second episode of our 'Future of wealth management' podcast series, Marina Reason and Aurell Taussig consider the impact of the Budget on the wealth management sector. Speakers: Marina Reason, Partner, Financial Services Regulation and Aurell Taussig, Partner, Tax

This is the 34th episode of our series of commercial litigation update podcasts. In this episode we discuss the upcoming pilot on public access to court documents, the new disclosure survey, and some important decisions on service of proceedings, termination of contracts, contractual interpretation and conditions precedent. This episode is hosted by Maura McIntosh, a knowledge counsel in our commercial litigation team, who is joined by James Farrell, a disputes partner, and Chris Cox, a senior associate in our disputes team. Below you can find links to our blog posts on the developments and cases covered in this podcast. • UK Commercial Court pilot will mean many more court documents publicly available by default from 1 January 2026 https://www.hsfkramer.com/notes/litigation/2025-10/commercial-court-pilot-will-mean-many-more-court-documents-publicly-available-by-default-from-1-january-2026 • Disclosure Review Working Group seeks views on disclosure under PD 57AD https://www.hsfkramer.com/notes/litigation/2025-11/disclosure-review-working-group-seeks-views-on-disclosure-under-pd-57ad • Court of Appeal confirms defendant not required to take any steps in proceedings unless claim form validly served in time https://www.hsfkramer.com/notes/litigation/2025-10/court-of-appeal-confirms-defendant-not-required-to-take-any-steps-in-proceedings-unless-claim-form-validly-served-in-time • Court of Appeal confirms party cannot waive contractual right to terminate unless it is actually aware of the right https://www.hsfkramer.com/notes/litigation/2025-11/court-of-appeal-confirms-party-cannot-waive-contractual-right-to-terminate-unless-it-is-actually-aware-of-the-right • Court of Appeal finds loss of bargain damages were available on termination for non-repudiatory breach of contract under express contractual provision https://www.hsfkramer.com/notes/litigation/2025-11/court-of-appeal-finds-loss-of-bargain-damages-were-available-on-termination-for-non-repudiatory-breach-of-contract-under-express-contractual-provision • Court of Appeal overturns High Court’s interpretation of deferred consideration clause https://www.hsfkramer.com/notes/litigation/2025-11/court-of-appeal-overturns-high-courts-interpretation-of-deferred-consideration-clause • Supreme Court finds there is no principle in English law that a condition precedent to payment of a debt will be deemed fulfilled if fulfilment was prevented by a party's own breach https://www.hsfkramer.com/notes/litigation/2025-11/supreme-court-finds-there-is-no-principle-in-english-law-that-a-condition-precedent-to-payment-of-a-debt-will-be-deemed-fulfilled-if-fulfilment-was-prevented-by-a-partys-own-breach See podcast episode transcript here: https://marketing.hsfkramer.com/20/33497/landing-pages/commercial-litigation-podcast-ep34-transcript(2).pdf

In this episode, we cross examine Dr Bruce Tonkin, Chief Executive Officer at auDA. Dr Tonkin is one of Australia’s true internet pioneers and has been at the forefront of the cyber security discourse in Australia for a number of decades.   He is now the CEO at .au Domain Administration, the organisation endorsed by the Australian Government to manage the .au domain.   We had a great conversation, talking about Bruce’s career journey (and the evolution of the internet here in Australia), the role of auDA and the importance of protection of the .au domain. You may be surprised how much we depend on auDA as part of our interconnected business community. We also talk to the effective role of a lawyer in a cyber incident.   Bruce also shared some really interesting insights into the global domain space, including the unexpected economic benefits of having a country code like “tv” or “ai”. Fascinating!   It was a privilege to speak with Bruce. Thanks again for listening. This is Cross Examining Dr Bruce Tonkin. Here we go…

This podcast explores how ESG and energy challenges are being addressed in data centre design and development, with a focus on innovation during the AI boom. Speakers: Tim Healey - Partner, HSF Kramer, JP Attlee – Senior Associate, HSF Kramer, Ben Worth, Senior Legal Counsel, Global Switch, Steven Parker – Solutions Engineering Director, Global Switch

The real estate landscape is shifting fast, bringing challenges that developers, investors and occupiers cannot afford to ignore. This podcast features a discussion between the real estate dispute resolution team at Herbert Smith Freehills Kramer, who have pooled their decades of experience into a forward-looking guide – Forearmed 2026 - focusing on 10 key areas where real estate disputes are most likely in 2026 and beyond. In this podcast, the team discuss their key predictions from the guide, which can be read in full here: https://marketing.hsfkramer.com/20/33497/landing-pages/forearmed-2026.pdf Speakers: Matthew Weal, Frances Edwards, Graeme Robertson, Shanna Davison, Hugh Le Gear and Leon Culot - Herbert Smith Freehills Kramer

In this episode of the Herbert Smith Freehills Kramer Tax Bites podcast, Isaac Morgan, Mark Peters and Toby Eggleston discuss the recent Australian High Court decision in G Global against the Commissioner of State Revenue. The conversation delves into the background, statutory setup, and arguments presented in the case, exploring the implications for foreign investors and potential future legal challenges. The episode also examines retrospective tax amendments and their broader impacts on taxation law. 00:10 Introduction 01:06 Background Facts and Statutory Setup 04:19 High Court's Consideration of the Arguments 08:56 Implications of the Decision 19:48 Options for Foreign Investors 22:07 Closing Thoughts and Conclusion Link to HSF Kramer tax note: https://www.hsfkramer.com/notes/taxaustralia/2025-posts/decision-alert-high-court-confirms-validity-of-foreign-surcharges

In the first episode of our new podcast series 'The future of wealth management' we explore how AI is redefining value, client expectations, and regulatory priorities in wealth management. Join our hosts, Marina Reason, Ian Thomas, and John Mathew who break down how the industry is adapting to an evolving regulatory and technological landscape, and the key risks and opportunities which lie ahead. Read our Global Bank Review 2025 here: https://www.hsfkramer.com/insights/reports/2025/global-bank-review-2025

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 Tom Wyer. You can find links to our blog posts on the case covered in this podcast below: • Court of Appeal finds PSP liable for deceitful representations made by agent acting with apparent/ostensible authority https://www.hsfkramer.com/notes/bankinglitigation/2025-09/court-of-appeal-finds-psp-liable-for-deceitful-representations-made-by-agent-acting-with-apparent-ostensible-authority • High Court finds investment bank entitled to success fee under mandate executed by company's agent acting with apparent authority https://www.hsfkramer.com/notes/bankinglitigation/2025-09/high-court-finds-investment-bank-entitled-to-success-fee-under-mandate-executed-by-companys-agent-acting-with-apparent-authority • High Court holds that exercise of rights under charge document is not subject to Braganza duty https://www.hsfkramer.com/notes/bankinglitigation/2025-09/high-court-holds-that-exercise-of-rights-under-charge-document-is-not-subject-to-braganza-duty • High Court finds "retrieval duty" arguable against sending bank in an APP fraud context https://www.hsfkramer.com/notes/bankinglitigation/2025-09/high-court-finds-retrieval-duty-arguable-against-sending-bank-in-an-app-fraud-context • Court of Appeal finds binding contract concluded by exchange of emails despite referring to preparation of formal agreement https://www.hsfkramer.com/notes/litigation/2025-09/court-of-appeal-finds-binding-contract-concluded-by-exchange-of-emails-despite-referring-to-preparation-of-formal-agreement • FSR Brief EP9: Motor Finance redress proposal - beginning of the end? https://www.lexology.com/library/detail.aspx?g=51fabee4-935b-4b4f-b72c-3f6f72d8e56e&utm_source=Lexology+Daily+Newsfeed&utm_medium=HTML+email+-+Body+-+General+section&utm_campaign=Lexology+subscriber+daily+feed&utm_content=Lexology+Daily+Newsfeed+2025-10-17&utm_term= • Solicitors Regulation Authority reviews high-volume consumer claims sector https://www.hsfkramer.com/notes/bankinglitigation/2025-09/solicitors-regulation-authority-reviews-high-volume-consumer-claims-sector • Biannual Banking Litigation Update (Autumn 2025) https://www.hsfkramer.com/notes/bankinglitigation/2025-09/bi-annual-banking-litigation-update-autumn-2025 Don't forget to subscribe to the banking litigation blog https://hsfnotes.com/bankinglitigation/subscribe/

In this podcast, we explore class actions procedures and trends in Australia, and what similarities and differences there are with England and Wales. The episode is hosted by Rachel Lidgate, a partner in our disputes team in London. She is joined by two disputes partners in our Australian offices who have extensive experience of dealing with class action litigation, Jason Betts and Aoife Xuereb. For a more in-depth analysis see Class actions radar: Australia https://www.hsfkramer.com/insights/reports/class-actions-radar-scanning-global-trends-and-risks/australia, which is part of our report on the global class actions landscape, Class actions radar: scanning global trends and risks https://www.hsfkramer.com/insights/reports/class-actions-radar-scanning-global-trends-and-risks See also our 2024 survey Rethinking risk: Inside Class Actions in Australia https://www.hsfkramer.com/insights/2024-09/rethinking-risk-inside-class-actions This podcast is the second half of our mini-series looking at the class actions landscape in the US and Australia. The US episode is available here https://www.hsfkramer.com/notes/litigation/2025-10/the-class-actions-landscape-us-class-actions.

In this episode, we cross examine Carolyn Pugsley, Christine Wong, and Peter Jones, Partners at Herbert Smith Freehills Kramer, and key members of our incident response team. We have all worked closely on some of the region's most significant cyber attacks. In this podcast we talk about the most critical legal issues confronting corporates in Australia, in light of the current cyber threat landscape. We discuss director duties, disclosure, the use of privilege, the rise of the cyber injunction and third party / supply chain management. It was a privilege to curate this discussion. Every time I speak with Carolyn, Christine and Peter…I learn more. I’m sure you’ll get a lot out of this discussion. This is cross-examining Cazz, Christine and PJ. Here we go…

In this episode of Inside Employment, hosts Drew Pearson, Lucy Boyd, and Stephanie Blancquart unpack the evolving landscape of diversity, equity and inclusion (DEI) in the workplace. They explore the growing regulatory momentum in Australia – particularly the upcoming Gender Undervaluation awards review at the Fair Work Commission – and what it means for employers navigating modern award obligations and pay gap reporting. The discussion also touches on the global shift away from traditional DEI initiatives, contrasting it with Australia’s intensifying focus on systemic reform. With key decisions expected to roll out from November into the new year, this episode offers insights for employers preparing for change.

The FSR Brief is back following an extended summer break, and top of the agenda is the FCA's proposal for a redress scheme which seeks to draw a line under the long running saga around the disclosure of motor finance commission. Jon Ford, Michael Tan, and Jack Moore discuss the scope of the scheme, what firms should be thinking about and what this means for the FCA's approach to redress more generally. For a high level view, you can read our summary of the FCA's proposal [https://www.hsfkramer.com/notes/fsrandcorpcrime/2025-posts/fca-consults-on-motor-finance-compensation-scheme]. For the full background, you can catch up on our previous FSR Brief podcast [https://www.hsfkramer.com/notes/fsrandcorpcrime/2025-posts/motor-finance--where-are-we-and-where-next] on motor finance from January 2025, and the special edition of Banking Litigation podcast [www.hsfkramer.com/notes/bankinglit…-special-edition] covering the Supreme Court's decision in August 2025. Our views on the FCA's consultation on the approach to redress more generally can be found on our blog [www.hsfkramer.com/notes/fsrandcorp…asonable-changes].