Now is the time to prepare and submit annual returns in respect of any employee share plan or management incentive arrangement you had in place during the 2025/26 tax year. 

On 21 April 2026, the Council of the European Union gave final approval to a new Directive on combating corruption (the "Directive"). This is a significant move to harmonise the current patchwork of legislation across the EU Member States that applies at present, given that EU measures to date have been high level and directional rather than prescriptive. The Directive will result in a single, harmonised set of criminal offences based on unified definitions, penalties and prevention measures applicable across the public and private sectors, though individual Member States can still choose to go further than required by the Directive.

We recently saw two of the largest DeFi exploits of 2026 within just 18 days: the approximately US$285 million breach of the Drift Protocol on Solana on 1 April^[1] and the approximately US$292 million exploit from Kelp DAO on 18 April^[2]. While the attack methods differed, a common theme was that neither were "hacks" in the straightforward sense of exploits of computer code; rather each attack exploited points of weakness within the governance structures around each DeFi application.  

The world of environmental product legislation is not immune to the regulatory uncertainty that has been a defining feature of the sustainability landscape over the past few years. While the direction of travel in the EU remains clear—towards greater digitalisation, harmonisation and circularity—the sheer volume and pace of legislative activity demands close attention from any business placing products on the European market.

It is common, if not trite, to say that the pace of change in the cryptoassets field is very rapid, but on the UK regulatory front, April 2026 has surely brought us "peak pace": on 15 April 2026, the FCA published CP26/13, including draft guidance on the regulatory perimeter (referred to as "New PERG"), one of the last pieces of the jigsaw for firms pulling together their plans to enter (or not) the UK's cryptoassets regulatory system. Just six days later, His Majesty's Treasury (HMT) published details of a package of amendments to its earlier  legislation establishing the perimeter.   

Welcome to the April 2026 edition of Travers Smith's Quarterly Listed Company Update. This issue highlights the latest regulatory developments and guidance relevant to listed companies, as well as key trends and practical points for consideration in the coming months.

On 21 April 2026, the Government announced a package of measures designed to reduce the influence of volatile international gas prices on electricity bills in Great Britain. The centrepiece is a new Wholesale Contracts for Difference ("WCfD") scheme (a voluntary fixed-price contract to be offered to existing low-carbon generators currently exposed to wholesale market prices) alongside an increase in the Electricity Generator Levy ("EGL") from 45% to 55%. The announcement follows the second major fossil fuel price shock this decade, triggered by conflict in the Middle East and the blockade of the Strait of Hormuz, which has pushed wholesale power prices above £100/MWh in recent weeks.

The recent High Court decision in California State Teachers' Retirement System & Ors v Boohoo Group plc [2026] EWHC 335 (Comm) underscores how questions of reliance, causation and case management may shape the future of securities claims against listed corporates accused of misleading the market. 

As we head towards the end of the football season, could upcoming changes to unfair dismissal law have an impact on Premier League and Football League clubs?

As we have previously examined, businesses face an increasingly complex regulatory landscape and heightened litigation risk on environmental, social, and governance (“ESG”) issues. One area at the forefront of this challenge is litigation related to per- and polyfluoroalkyl substances ("PFAS"), widely used synthetic chemicals under growing scrutiny for their environmental and health impacts.

What has the FCA announced regarding the SMCR?

The FCA has confirmed it will proceed with some limited changes to the UK Senior Managers and Certification Regime (SMCR), as set out in PS26/6: Senior Managers & Certification Regime review. These represent the first phase of a planned overhaul of the regime.

On 15 April 2026, the Supreme Court unanimously ruled that costs incurred by Ørsted (a global offshore energy company) on environmental surveys and studies conducted during the planning stages of its offshore windfarms did not qualify for capital allowances.

A regular briefing for the alternative asset management industry. 

The Employment Rights Bill has received Royal Assent, becoming the Employment Rights Act 2025. The Act paves the way for significant reforms to UK employment law, with the key changes to be phased in starting from April 2026.

In its first infringement decision under the UK's new consumer enforcement regime, the Competition and Markets Authority has fined the AA £4.2 million and required it to repay over £700K to consumers.  This is just the latest in a series of developments indicating that B2C businesses in the UK face a much tougher regulatory environment than in the past.  We explain why it's essential to take this threat seriously and what consumer-facing businesses can do to reduce their risk.

Welcome to our 'A new era for HR' podcast series.

Over the past two decades, the value of sports franchises and related assets has skyrocketed, with rapid revenue growth across various commercial streams including the more traditional broadcasting and sponsorship (both now of course more global than ever), to new commercial tie ups and off field year round monetisation of stadia. While the skyrocketing valuations have prompted some commentators to argue that we could be witnessing the formation of a "sports bubble", this does not seem correct to us.

Our round-up of recent and forthcoming developments in UK law and practice for our international stakeholders.