RSS Feed (Briefings Only)

UK Carbon Border Adjustment Mechanism (CBAM) – a primer

Wed, 30 Sep 2026 08:12:59 GMT

The UK government is in the process of launching its UK Carbon Border Adjustment Mechanism (UK CBAM), a new tax on imports of specified carbon-intensive goods that will take effect on 1 January 2027.

It is designed to prevent 'carbon leakage' by ensuring that importers of specified carbon-intensive goods pay a charge reflecting the carbon emissions embodied in those goods, equalising carbon costs between domestic UK producers and foreign competitors. Although the UK CBAM will be broadly similar to the EU CBAM, it has notable differences in design, scope and timing.

This briefing provides a primer on the UK CBAM and the appendix sets out some of the key differences from the EU CBAM.

International Regulatory Update 21 – 25 September 2026

Mon, 28 Sep 2026 14:47:15 GMT

Clifford Chance's International Regulatory Update is a weekly digest of significant regulatory developments affecting banking and investment banking business, drawing on our daily content from our Alerter: Finance Industry service.

International Regulatory Update 14 – 18 September 2026

Tue, 22 Sep 2026 08:52:50 GMT

International Regulatory Update 7 – 11 September 2026

Tue, 15 Sep 2026 10:28:00 GMT

EU ETS Phase V: The Commission's blueprint for carbon pricing beyond 2030

Fri, 02 Oct 2026 17:30:25 GMT

The European Commission has published a proposal to revise the EU Emissions Trading System (EU ETS) for the period 2031–2040 (Phase V), launching what is likely to become one of the most politically significant climate reforms of the current legislative cycle. The proposal, part of the broader package implementing the EU's recently adopted 2040 climate target of a 90% net greenhouse gas emissions reduction compared to 1990 levels, reflects a notable shift in the Commission's approach: while preserving the EU ETS as the cornerstone of European climate policy, the proposal places substantially greater emphasis on industrial competitiveness, affordability and investment predictability than previous reforms.

The proposal, published on 17 July 2026, arrives against a backdrop of sustained concern from European industry regarding energy costs, the pace of decarbonisation obligations, increasing global competition (particularly from jurisdictions with less stringent carbon constraints) and the need to support innovative low-carbon technologies.

For businesses operating in EU ETS-covered sectors, the proposal is important not because it changes the direction of travel, but because it may significantly alter the pace, cost profile and financing environment of the transition during the 2030s.

International Regulatory Update 12 – 16 January 2026

Fri, 02 Oct 2026 17:30:25 GMT

International Regulatory Update 18 – 22 March 2024

Fri, 02 Oct 2026 17:30:25 GMT

International Regulatory Update 11 – 15 March 2024

Fri, 02 Oct 2026 17:30:25 GMT

International Regulatory Update 24 – 28 July 2023

Fri, 02 Oct 2026 17:30:25 GMT

International Regulatory Update 26 – 30 September 2022

Fri, 02 Oct 2026 17:30:25 GMT

International Regulatory Update 15 – 19 August 2022

Fri, 02 Oct 2026 17:30:25 GMT

International Regulatory Update 4 – 8 July 2022

Fri, 02 Oct 2026 17:30:25 GMT

International Regulatory Update 31 August – 04 September 2026

Mon, 07 Sep 2026 11:06:46 GMT

International Regulatory Update 24 – 28 August 2026

Tue, 01 Sep 2026 08:49:41 GMT

International Regulatory Update 17 – 21 August 2026

Tue, 25 Aug 2026 08:32:10 GMT

International Regulatory Update 10 – 14 August 2026

Tue, 18 Aug 2026 14:20:00 GMT

Roundtable on Agentic Payments and the Emerging Regulatory Landscape

Thu, 13 Aug 2026 15:45:00 GMT

These notes summarise the key themes and discussions from the roundtable on agentic payments co-hosted by the Fintech Foundation and Vanderbilt Law School and sponsored by Clifford Chance LLP held on 16 June 2026. They follow the structure of the agenda and draw out the principal points of discussion and the range of views expressed within each session.

International Regulatory Update 03 – 07 August 2026

Tue, 11 Aug 2026 10:33:03 GMT

Financing European defence: how can Europe address the fiscal and capital challenges?

Thu, 06 Aug 2026 13:28:00 GMT

Against a backdrop of geopolitical, strategic uncertainty, Europe is progressing plans to rearm and shoulder more responsibility within NATO. In June 2025, NATO allies made a clear commitment to invest 5% of GDP annually by 2035, including at least 3.5% on core defence spending. However, three concrete questions remain unresolved: (i) how this commitment can be delivered given national budgetary constraints, (ii) how to plug the funding gap for the defence supply chain composed of small and medium-sized enterprises (SMEs), innovative tech companies and start-ups which do not have the same access to finance as the defence primes, and (iii) can new funding instruments, new institutions and a new approach close this gap, leverage public investment and create a virtuous circle which crowds in private capital to meet our needs?

This briefing highlights emerging financing options which may help address these challenges and which complement initiatives taken by the European Union, such as the SAFE programme. We describe:

new financial products which can help direct private capital to finance the defence and security sectors;
intergovernmental and multinational initiatives which can complement SAFE, create capacity to raise debt in the capital markets which is not consolidated into national debt figures but which, when combined with the palette of instruments used by development and promotional banks, create a multiplier or leveraged effect that crowds in private capital into funding the defence and security sectors;
recent market trends which demonstrate that defence, resilience and security could be the new "green" and can attract private capital in the form of both debt and equity.

International Regulatory Update 27 – 31 July 2026

Tue, 04 Aug 2026 08:22:01 GMT

International Regulatory Update 13 – 17 July 2026

Tue, 21 Jul 2026 09:06:14 GMT

International Regulatory Update 6 – 10 July 2026

Tue, 14 Jul 2026 08:41:34 GMT

The NATO Summit in Ankara - Strengthening NATO's Defence and Industrial Base

Fri, 10 Jul 2026 13:13:00 GMT

NATO leaders convened in Ankara on 7-8 July 2026 for a pivotal summit that reaffirmed the Alliance's "unity, solidarity and collective strength". In the Summit Declaration, Allies restated their commitment to NATO providing a "360-degree approach to deterrence and defence". European Allies and Canada, working with the United States, also committed to assuming greater responsibility for the Alliance's defence. Allies further pledged to build a more robust and flexible defence industry, accelerate joint procurement, boost production capacity, and enhance interoperability across Alliance members, with member states announcing more than US$50 billion in new procurements. The summit also reaffirmed NATO's support for Ukraine, pledging its "unwavering support for Ukraine in defending its freedom, sovereignty and territorial integrity."

Commodities Innovation Forum Mining + Metals 2026: key insights

Wed, 08 Jul 2026 09:06:00 GMT

Clifford Chance hosted the 2026 New York Commodities Innovation Forum: Mining + Metals on June 17, 2026.

The global critical minerals sector is entering a new phase of strategic importance, driven by the intersection of energy transition, AI infrastructure, defence modernisation and geopolitical competition. The growing urgency of developing resilient US and allied supply chains for critical minerals is creating investment opportunities across the entire value chain. However, significant challenges remain, particularly in midstream processing, refining and other downstream capabilities, which continue to represent key bottlenecks to supply chain development.

A key theme emerging across the market is the increasingly active role of governments in shaping critical minerals supply chains. In the United States, public sector support now extends well beyond traditional regulation and incentives, with agencies acting as lenders, co-investors and strategic offtake counterparties across mining, processing and manufacturing operations. At the same time, China continues to dominate critical minerals supply chains, with long-term industrial policy, export controls and strategic investment continuing to reinforce its position and create competitive challenges for OECD producers.

Financing and investment models are also evolving. As developers seek to overcome bankability challenges associated with commodity price volatility and limited reference pricing for certain minerals, new structures are emerging, including sovereign-backed offtake arrangements, price support mechanisms and long-term contracts with high-credit counterparties. Against this backdrop, international partnerships are becoming increasingly important, with growing collaboration between the US, Japan, Korea, Australia and other allied markets helping to accelerate investment, strengthen supply chains and unlock new opportunities across the critical minerals value chain.

In this briefing we highlight the key takeaways from the event.

International Regulatory Update 29 June – 3 July 2026

Tue, 07 Jul 2026 08:47:48 GMT

International Regulatory Update 22 – 26 June 2026

Tue, 30 Jun 2026 08:54:13 GMT

Workplace Investigations – Quarterly Review – Edition 6

Mon, 29 Jun 2026 09:18:00 GMT

In this Quarterly Review, we spotlight the global impact of AI on workplace investigations. We examine how AI is reshaping the fact-finding process and explore the opportunities and risks of AI-assisted investigations, including recent privilege decisions, the evidential significance of AI prompts in disciplinary proceedings and the growing challenge of AIgenerated evidence.

We also consider the implications for employers of AI-generated complaints and grievances and examine a recent Australian decision in which the Fair Work Commission held that an employee’s excessive use of AI to generate adversarial communications during an investigation made him “ungovernable” and justified dismissal.

Beyond AI, we consider several significant legislative and case law developments that could reshape the investigations landscape.

In the UK, from October 2026, the Employment Rights Act 2025 ("ERA") will impose an enhanced duty on employers to take all reasonable steps to prevent sexual harassment and impose liability for third-party harassment (of any type) of employees at work. Employers will therefore need to plan how they investigate incidents involving third parties such as customers and suppliers. We also look ahead to the removal of the qualifying period for unfair dismissal protection and the statutory compensation cap from January 2027, which will significantly increase the stakes of dismissal decisions, particularly for senior and regulated employees.

We also consider the implications of the Crime and Policing Act 2026 in the UK, which from 29 June 2026 introduces a new statutory route to corporate criminal liability where a senior manager commits an offence within the scope of their authority – a compliance and governance development and one which may become the focus of future workplace investigations.

In France, recent case law provides further clarity over the scope of employers’ obligations to conduct internal investigations and the procedural rights of employees and we consider developments in Spain, where a new Independent Whistleblower Protection Authority ("AINPI") has been established to oversee internal reporting systems.

In a financial services sector focus this Quarter we consider the impact on workplace investigations of the first wave of changes implementing the streamlining of the Senior Managers Certification Regime ("SMCR") and in particular guidance on what can be said about unfinished workplace investigations within a regulatory reference, the interaction of privilege with disclosure duties, and individual senior management responsibilities.

International Regulatory Update 15 – 19 June 2026

Tue, 23 Jun 2026 08:32:03 GMT

International Regulatory Update 08 – 12 June 2026

Tue, 16 Jun 2026 09:33:07 GMT

Mitigating risk in the energy transition

Thu, 04 Jun 2026 15:00:00 GMT

The global shift towards clean energy continues and investment is growing, although momentum varies across regions. In the US, policy uncertainty and market pressures are creating a more complex environment for infrastructure development. As governments, regulators and markets navigate the move towards cleaner energy sources, businesses are dealing with increased volatility and economic change, with implications for how risks are allocated. This transformation extends beyond the use of new technologies and raises complex questions around legacy assets, transition fuels, long‑term supply arrangements, financing models and the resilience of existing infrastructure.

Across Europe, diversification away from traditional gas supply has driven increased reliance on LNG, new terminal developments and long‑term offtake agreements, while creating challenges associated with under‑used or economically redundant legacy assets. In Asia-Pacific, offshore wind is expanding, but projects are facing political and economic pressure. Emerging markets in the Middle East are pursuing strategies focused on grid expansion, LNG exports, hydrogen, ammonia and critical minerals, highlighting the scale of capital deployment required and the importance of stable legal and regulatory frameworks.

Regulatory reform, ESG‑driven accountability and shifting policy priorities are directly influencing project bankability and investor protection. Informed legal analysis is critical to enabling capital to flow, managing risk and supporting the delivery of energy infrastructure at scale.

In this briefing, we discuss approaches to mitigating the inevitable risks which arise in the energy transition.

International Regulatory Update 25 – 29 May 2026

Tue, 02 Jun 2026 08:26:33 GMT

International Regulatory Update 18 – 22 May 2026

Wed, 27 May 2026 08:57:40 GMT

International Regulatory Update 11 – 15 May 2026

Tue, 19 May 2026 08:31:26 GMT

EU Prospectus Regulation disclosure changes from 5 June

Fri, 15 May 2026 10:20:00 GMT

On 7 May 2026, the European Commission adopted amendments to the EU prospectus disclosure regime. These are in the form of a Regulation to amend Delegated Regulation (EU) 2019/980, plus related disclosure Annexes.

ESMA has suggested that the adopted measures should be treated as applying from 5 June, even though they will not formally be EU law by then.

See our alert for a high-level summary of the practical implications for different types of EU Prospectus Regulation prospectuses approved from 5 June.

International Regulatory Update 05 – 08 May 2026

Tue, 12 May 2026 08:43:16 GMT

Consumer Goods & Retail Sector: UK corporate criminal liability reforms: risks for global supply chains

Fri, 08 May 2026 08:13:00 GMT

Reforms to the UK's law on corporate criminal liability which will come into effect on 29 June 2026 will increase the risk of prosecution for businesses with complex global supply chains. Multinational organisations will be potentially criminally liable for the actions of certain individuals within them. They should review their supply chain operations and governance arrangements now and identify and address any weaknesses that could give rise to UK enforcement action.

Supply chain compliance depends on all participants identifying and addressing risks and meeting their legal and regulatory obligations across sourcing, manufacturing, distribution and marketing operations. For consumer goods and retail businesses, the risk of criminal investigations and enforcement action is particularly pronounced in the UK, the US, France and Italy. Implementing clear policies, conducting regular reviews of supply chain processes and putting in place thorough training arrangements across all relevant jurisdictions are therefore essential.

International Regulatory Update 27 April – 1 May 2026

Wed, 06 May 2026 08:06:43 GMT

International Regulatory Update 20 – 24 April 2026

Tue, 28 Apr 2026 08:22:54 GMT

What Mythos means for your business: action to take now

Tue, 21 Apr 2026 13:18:00 GMT

AI's cyber capabilities are advancing fast. AI-related cybersecurity risks – and expectations of preparedness – are rising. Recent limited or restricted releases of new AI models with advanced cyber capabilities highlight AI's exceptional potential to bolster cyber defence, as well as the risk of strengthened cyber-attacks if misused.

International Regulatory Update 13 – 17 April 2026

Tue, 21 Apr 2026 09:45:34 GMT

International Regulatory Update 6 – 10 April 2026

Tue, 14 Apr 2026 08:36:07 GMT

International Regulatory Update 30 March – 3 April 2026

Tue, 07 Apr 2026 08:25:02 GMT

International Regulatory Update 23 – 27 March 2026

Tue, 31 Mar 2026 09:12:20 GMT

Through the Strait: Safe Harbour, Force Majeure and related issues for commercial contracts

Mon, 30 Mar 2026 12:54:00 GMT

Uncertainty affecting transit through the Strait of Hormuz is significantly impacting the flow and stability of global supply chains. With nearly 20% of the world’s oil and gas moving through the Strait, current events have created immediate and significant challenges for upstream producers, downstream buyers and the wider energy ecosystem. These effects are extending into adjacent sectors including mining, transport, logistics, aviation and manufacturing, where companies are already dealing with tighter operating conditions and mounting uncertainty.

This paper sets out ten practical considerations for businesses and their advisors as they navigate this period of heightened operational risk.

International Regulatory Update 16 – 20 March 2026

Tue, 24 Mar 2026 09:47:00 GMT

ISDA and EMTA publish the 2026 FX Definitions: What you need to know now

Fri, 20 Mar 2026 14:30:00 GMT

The new 2026 FX Definitions were published by ISDA and EMTA on 3 March 2026 and will be adopted as the market standard definitions for FX transactions from 22 November 2027. This interval is intended to provide market participants with sufficient time to update their systems and prepare for the transition.

In this briefing, we provide a high-level overview of the key features of the new definitions and consider what market participants need to know now, as they begin to assess the scope and timing of their implementation programmes.

International Regulatory Update 09 – 13 March 2026

Tue, 17 Mar 2026 09:42:07 GMT

The race to mine the seabed: Opportunities and risks

Fri, 13 Mar 2026 14:19:00 GMT

It is now almost trite to highlight the importance of critical minerals to the energy transition. The world's demand for critical minerals, including copper, cobalt, nickel and lithium, is soaring (with prices tipped to do the same). Less well known are the significant quantities of those minerals found deep in the ocean, lying on the seabed in the form of polymetallic nodules – small, solid, potato-sized balls of mineral-rich rocks. Over recent years, an area of the Pacific Ocean known as the Clarion-Clipperton Zone (CCZ), located between Mexico and Hawaii, has become the target of significant mineral exploration activities in this (until now) relatively unknown part of the earth.

Not surprisingly, the CCZ now lies at the heart of a geopolitical race to secure access to the metals needed to drive the energy transition forward. In this briefing we explore the significant opportunities – and risks – this race poses for investors.

International Regulatory Update 02 – 06 March 2026

Tue, 10 Mar 2026 09:52:26 GMT

International Regulatory Update 23 – 27 February 2026

Tue, 03 Mar 2026 10:28:00 GMT