On 3 December 2025, the PRA published Policy Statement 25/25 (PS25/25), finalising proposals from CP10/25 and introducing Supervisory Statement 4/25 (SS4/25). This replaces SS3/19 and sets out updated expectations on how banks and insurers should manage climate-related financial risks.

This is the fifth in a ten-part article series on the legal strategies shaping the future of data centre development in the UK. The United Kingdom’s data centre sector is undergoing a profound transformation. Having established itself as a cornerstone of the nation's economy, the industry now faces its most complex challenge: adapting to an increasingly demanding regulatory and Environmental, Social, and Governance (ESG) landscape. The sector's exponential growth, driven by the insatiable demand for data, has placed it under an intense spotlight. Its high power and water consumption, and the physical impact of large-scale facilities, have brought questions of sustainability and community impact to the forefront. Today, a data centre’s success is no longer measured solely by uptime or tenant covenant strength, but by its ability to maintain a social licence to operate. And this is granted not just by regulators, but by investors, tenants and local communities. These issues are central to risk management, value creation and long-term commercial strategy. Neglecting them can jeopardise financing, erode asset value and cause operational and reputational damage. This instalment of our Insight Series looks beyond individual transactions to the frameworks that shape the entire data centre lifecycle. We explore how leading developers and investors can turn regulatory and ESG pressures into opportunities to build more resilient, responsible and valuable assets.

On 13 November 2025, the European Parliament (the “Parliament”) adopted its negotiating position on the EU Omnibus I Directive amending the EU Corporate Sustainability Reporting Directive (“CSRD”) and the EU Corporate Sustainability Due Diligence Directive (“CSDDD”). The text adopted by the European Parliament can be found here and their press release here. 

The implementation of CSRD (Corporate Sustainability Reporting Directive) obligations for Phase 2 companies is approaching. This phase concerns large undertakings that meet at least two of the following three criteria: more than 250 employees, annual turnover above €50 million, or a balance sheet total exceeding €25 million.

Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue we discuss: Takeover Panel consultation and new practice statements The proposed amendments to the Takeover Code clarify how the mandatory offer requirements apply to a company with a dual class share structure when a shareholder’s percentage of voting is increased on certain trigger events. New rules for the public offers and admissions to trading regime The FCA has published the final rules for admissions to trading on a regulated market or a multilateral trading facility (“MTF”). The new rules will come into force on 19 January 2026 with transitional provisions. Draft regulations for new reporting requirements on payment practices and performance The government has published draft reporting requirements for large companies on payment practices and performance which will apply for financial years beginning on or after 1 January 2026. NSI: exclusion of reorganisations and proposed changes to sensitive areas The government is proposing to exclude certain internal reorganisations and appointments of insolvency office-holders from the NSI regime and is consulting on changes to the sensitive areas that are subject to mandatory notification. FCA Primary Market Bulletin 56 This edition of the FCA newsletter for primary market participants looks at, among other things, its use of data and technology to monitor directors’ dealings. Digitisation Taskforce – final report July 2025 The latest report sets out key steps for removing paper share certificates and improving the current intermediated system of share ownership so investors can more effectively exercise their rights. Updated guidance – filing accounts with Companies House In the future all accounts must be filed at Companies House using commercial software. The web and paper filing options will be discontinued. Listed companies and filing information with the National Storage Mechanism (NSM) From 3 November 2025 the FCA will require more comprehensive legal entity identifier ("LEI”) reporting for issuers and other persons submitting regulated information. The aim is to enhance the functionality of the NSM by making it easier to find information about issuers.