Category: 3. Business

This article was co-authored by Aminah Ibrahim, Trainee Solicitor. 

The Economic Crime and Corporate Transparency Act 2023 (ECCTA) represents one of the most significant reforms to company law. For businesses and their advisors, it changes the scope from Companies House as a passive administrator to an active, verifying gatekeeper with substantial new powers. Here, we explore these key reforms which will not only mitigate risk, but will build a more resilient and transparent corporate framework. 

A New Identity Verification Regime 

One cornerstone of the ECCTA is mandatory identity verification (IDV). From 18 November 2025, all directors, persons with significant control (PSCs) and LLP members must have their identity verified. Non-compliance may lead to unlimited financial fines imposed to the individual, their company, and fellow directors. Further, from Spring 2026, only verified company officers, employees and an Authorised Corporate Service Provider (ACSP) will be able to file documents to Companies House. This has implications for groups with a centralised secretarial function, as an individual may no longer be able to file for multiple group companies without using an ACSP. Individual members of LLPs, and PSCs, will also need to verify their identity. Corporate members of LLPs and relevant legal entities (RLE) will also be subject to the IDV requirements, with RLEs required to nominate a relevant officer whose identity must be verified at a later date. 

While this new requirement necessitates upfront planning, it fundamentally strengthens the corporate framework by ensuring that those who control and represent companies are appropriately verified, and  protects legitimate businesses from fraud. For groups of companies, the new filing restrictions creates an opportunity to streamline processes through a trusted ACSP. Companies may further wish to integrate these new obligations into shareholder communications and engagement. 

Streamlining Statutory Registers

From 18 November 2025, the obligation to maintain certain statutory registers is removed. Instead, the information held centrally at Companies House will be the complete record, with failure to file accurately met with an unlimited fine. While companies may still keep internal records for good governance, the focus shifts to ensuring prompt and accurate filing.

The option to keep a register of members on the central register is also being removed as  this was rarely used. New rules will also require full forenames and surnames for individual members, prohibiting initials. Company secretaries should therefore review their registers now and use the new powers to request missing information, as non-compliant members may face criminal sanctions. A new obligation to submit a full list of shareholders to Companies House is also on the horizon.

This move to a single source of filing simplifies the long-term maintenance of statutory records and takes away an administrative burden. The upcoming requirement for a full shareholder list also allows for more effective shareholder engagement and communication strategies. 

Enhanced Scrutiny from Companies House

Companies House now has the power to scrutinise submissions closely for errors and inconsistencies. It can query information, request supporting evidence, and even remove material from the register it believes to be incorrect. Crucially, it can impose direct civil financial penalties, similar to that of the Companies Act 2006 offences.

Companies will need to ensure robust internal procedures for accuracy of all filed information. Failure to response to a Registrar’s request “without reasonable excuse”, or the submission of false information, can lead to unlimited fines. Where information is provided “knowingly” to mislead, individuals can also face a prison sentence. 

This shift towards data integrity is a positive step for the UK business environment. It creates a more reliable public register which enhances trust for all stakeholders, from investors to suppliers, further assisting in the due diligence phase of company investigation. For our clients, this is an opportunity to review and strengthen internal filing procedures as well as  ensuring corporate diligence. 

Other Changes 

Further changes include a new restriction on corporate directors, limiting them to UK entities with legal personality. This is, however, provided on the basis that all of their directors are natural persons who have passed IDV. As such, groups should review their structures to ensure all corporate directors meet these requirements. As of 1 September 2025, the level of criminal liability has broadened. Large companies face new liability risks if they fail to prevent fraud committed by associates including employees, agents, and their subsidiaries, even where the fraud was intended to benefit the company or its customers. The ECCTA will also streamline filing options for small companies and micro entities, requiring more information to be placed on public records.

Comment

Overall, the ECCTA presents a strategic opportunity to strengthen corporate governance, enhance operational resilience, and builds market trust. By proactively embracing these changes, companies can turn regulatory requirements into a competitive advantage. As our clients adapt to these new reforms, businesses are now presented with strategic options. For many, they can leverage their position and become an ACSP; capitalising on a mandatory market and gaining a competitive edge.

Kennedys can help navigate the legal complexities of becoming an ACSP; from structuring the application to implementing robust risk management procedures that meet these new legal and regulatory standards. 

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Bangkok, Thailand, October 15, 2025 – EHang Holdings Limited (Nasdaq: EH) (“EHang” or “the Company”), a global leader in advanced air mobility (“AAM”) technology, today announced that the launch of an AAM Sandbox Initiative (the “Initiative”) in Thailand, in collaboration with the Civil Aviation Authority of Thailand (“CAAT”) and local partners. The Initiative aims to fast-track the future commercial operations of EHang’s EH216-S pilotless eVTOL aircraft in the country, with the goal of establishing the world’s first commercial eVTOL operations using an innovative regulatory approach of “sandbox”. Today, continuous trial operations with EH216-S have successfully commenced at the first sandbox area in Bangkok, with plans to expand to more sandbox areas across Thailand.

 

Image: EH216-S completes point-A-to-point-B flights at the first sandbox area in Bangkok, Thailand

During today’s launch event, the EH216-S completed a series of point-A-to-point-B autonomous flights with consistent stability, demonstrating its integrated flight control systems and operational reliability. The event gathered senior officials from the CAAT and the Ministry of Transport (“MOT”) of Thailand, along with key industry partners including Aerial Sea Ventures, Energy Absolute, Amita Technology, G Capital, China Harbour Engineering Company, Bangkok Airways, VietJet, and Tahira Group from Malaysia, all of whom witnessed firsthand the EH216-S’s proven readiness for commercial deployment.

Image: Mr. Conor Yang, CFO of EHang and Air Chief Marshal Manat Chavanaprayoon, Director General of the CAAT with the EH216-S

Today, EHang also held a technical meeting with CAAT officials, presenting the EH216-S’s comprehensive safety architecture, Unmanned Aircraft System Traffic Management (“UTM”) integration, risk assessment framework, and flight-testing methodology. This multi-party collaboration with the Initiative represents a significant step toward gaining local regulatory approval for future commercial operations in sandbox areas across Thailand.

Under the Initiative, EHang’s local partners will provide essential operational support, ranging from infrastructure to operational teams. They plan to expand the sandbox areas to Pattaya, Koh Larn, Phuket, Koh Samui and many other locations in Thailand for more sightseeing flight routes and transportation services.

Image: From left to right: Mr. Chakrawut Raisaeng, Deputy CEO of AMITA, Mr. Conor Yang, CFO of EHang, Air Chief Marshal Manat Chavanaprayoon, Director General of the CAAT, Mr. Panya Chupanit, Deputy Permanent Secretary of MOT of Thailand, Mr. Luong Pham, CEO of Aerial Sea Ventures, Mr. Anuwat Kosol, CEO of G Capital

Thailand, Southeast Asia’s second-largest economy, represents a strategically vital AAM market. This is driven by its strong service sector, thriving tourism industry, and proactive government policies promoting smart transportation and sustainable technology. The country’s densely populated urban areas and persistent traffic congestion make it an ideal environment for deploying AAM solutions. Major cities such as Bangkok are particularly well-suited for air taxi services, offering significant market potential. This potential was clearly demonstrated last November when the EH216-S successfully conducted three days of human-carrying flights in central Bangkok, showcasing its practical capabilities in real-world AAM applications.

“We are highly impressed with the cutting-edge technology and demonstrated safety of EHang’s EH216-S during these flights,” said Air Chief Marshal Manat Chavanaprayoon, Director General of the CAAT. “At the CAAT, we are guiding Thailand’s transition into a new era of AAM, where safety and public trust remain our highest priorities. Through our ‘prove it safe, then scale’ approach, we have explored a clear path toward commercial operations, with the target of launching the world’s first commercial eVTOL operation services within the next three months leveraging the Initiative. The future of AAM in Thailand will be safe by design, ambitious in vision, and realized through tangible action.”

Mr. Panya Chupanit, Deputy Permanent Secretary of MOT of Thailand, stated, “The MOT is fully committed to advancing sustainable transportation, and the development of AAM technology—exemplified by EHang’s innovative eVTOL solutions—is integral to this vision. We are working closely with partners across sectors to position Thailand as a regional AAM hub, in line with our national goals for carbon neutrality and smart, connected cities. “

Mr. Luong Pham of Aerial Sea Ventures remarked, “Today marks a historic day as we launch the future of transportation here in Thailand. With the EH216-S, we are entering an era where travel is measured in minutes, not hours, connecting waterways, islands and remote areas with unprecedented efficiency. With the strong support of the CAAT and MOT, we are now months—not years—away from commercialization in Thailand. We look forward to positioning Thailand as the regional hub for AAM across Southeast Asia.”

Mr. Conor Yang, Chief Financial Officer of EHang, commented, “This demonstration showcased not only routine flight capabilities but also the core safety principles integral to our certified EH216-S aircraft. The AAM Sandbox Initiative in Thailand serves as a pivotal model for the region. Our goal is to leverage the operational and regulatory framework established here as a blueprint for expansion into other Southeast Asian markets, bringing safe, sustainable AAM to the wider region globally.”

 

 

About EHang

EHang (Nasdaq: EH) is the world’s leading advanced air mobility (“AAM”) technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (eVTOL) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China, and is now commercially operated under the country’s first Air Operator Certificates for human-carrying eVTOL services. Complementing this, EHang’s VT35 expands its reach into long-range and intercity scenarios, supporting the development of a multi-tiered low-altitude mobility network. By integrating advanced autonomous technologies with scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—shaping the future of air mobility. For more information, please visit www.ehang.com. 

 

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of UAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Samsung recognised for AI leadership and accelerating adoption

 

Samsung Electronics today announced it has been recognised by Interbrand, a global brand consultancy, as the 5th-ranked global brand for the sixth year in a row. Interbrand releases its list of “Best Global Brands” each year. For this year’s list, Samsung recorded a brand value of $90.5 billion, upholding its position as the only Asian company to remain in the global top five since 2020.

 

According to Interbrand, Samsung Electronics’ evaluation was positively influenced by:

 

• Strengthened AI competitiveness across the company’s business divisions
• Enhanced customer experiences through unified integration across products
• Focused investment in AI-related semiconductors
• Execution of a customer-centric brand strategy

 

“Through AI innovation and open collaboration, Samsung has worked to ensure that more customers can experience AI in their daily lives,” said Won-Jin Lee, President and Head of Global Marketing Office at Samsung Electronics. “Moving forward, we will continue to focus on benefits for customers including in health and safety so that Samsung can grow into an even more beloved brand.”

 

Under the vision of “Innovation for All,” Samsung consistently strives to make AI accessible to more customers worldwide.

 

This year, Samsung reinforced its leadership in mobile AI with the continued advancement of Galaxy AI, aiming to make it available on 400 million devices within the year driving the democratisation of AI. In Consumer Electronics (CE), Samsung has expanded AI competitiveness by introducing AI technologies tailored to each product category, such as Vision AI and Bespoke AI.

 

Through open collaboration with diverse partners, Samsung has enhanced personalised AI experiences for customers, while also providing industry-leading security with Samsung Knox.

 

In semiconductors, Samsung has been addressing the growing demand for AI with a comprehensive portfolio across cloud, on-device, and physical AI. This includes actively responding with advanced products including HBM, high-capacity DDR5, LPDDR5X and GDDR7.

 

Beyond AI, Samsung continues to enhance the accessibility of its products and services and drive sustainable innovation across all business divisions. This includes energy savings through energy-efficient appliances connected via SmartThings.

 

Samsung’s Recognised Efforts in Each Business Division

 

Mobile

• Leading the mobile AI era and driving the popularisation of AI with Galaxy AI
• Strengthening foldable category leadership with the launch of Galaxy Z Fold7 and Z Flip7
• Enhancing customer trust through strengthened privacy and security technologies
• Expanding health services through advanced wearables, Samsung Health enhancements, and open collaboration

 

Networks

• Reinforcing leadership in AI-powered virtualized Radio Access Networks (vRAN) and Open RAN
• Consistently innovating technologies to support various 5G use cases, including high quality streaming and gaming

• Leading the technical standardisation of 6G

• Enhancing partnerships with customer companies and communicating the sustainability aspects of Samsung’s network technology

 

Visual Display

• Solidifying global leadership in TVs, soundbars, and gaming monitors
• Innovating viewing with rich AI features based on Vision AI
• Enhancing The Frame and Art Store services to deliver personalised art TV experiences
• Expanding content offerings through partnerships in TV Plus, entertainment, gaming, and music

 

Digital Appliances

• Maintaining global leadership in categories such as refrigerators and washing machines through consistent product innovation and advanced AI capabilities
• Providing differentiated convenience and advanced AI experiences through SmartThings integration
• Expanding Bespoke AI appliance leadership across energy efficiency, usability, performance, and design

 

Semiconductor

• Operating a diverse portfolio across cloud, on-device, and physical AI applications
• Maintaining leadership in mobile and automotive semiconductors, including DDR, SSD, LPDDR, UFS, and Auto SSD
• Continuing development and investment in innovative solutions like CMM-D and HBM
• Sharing vision and industry leadership through influential tech events

 

Interbrand’s Best Global Brands are ranked based on brand value evaluation, which involves a comprehensive analysis of the company’s financial performance and outlook, the influence of the brand on customer purchases, and brand competitiveness (including strategy, empathy, differentiation, customer engagement, consistency, trust, and more). The ranking is one of the world’s longest-standing brand value evaluations, widely recognised for its credibility.

For many companies, relocating pharmaceutical production capacities back to Europe is becoming a key strategic success factor. Saltigo, LANXESS`s exclusive synthesis subsidiary, helps pharmaceutical manufacturers strengthen their supply chains, meet regulatory requirements, and achieve sustainability goals in production. At CPHI Frankfurt 2025 (October 28-30 at the Messe Frankfurt), Saltigo will present solutions that will enable pharmaceutical companies to strengthen their supply chains through targeted reshoring, minimize regulatory risks, and produce more sustainably.

Industry in transition: Return to Regional Value Chains

The European pharmaceutical industry is facing growing dependencies on Asia. China and India dominate the market for active pharmaceutical ingredients (API`s) and many of their precursors. This market concentration poses significant supply risks, particularly in the event of geopolitical tensions, export restrictions, or disruptions to global supply chains. To increase supply and production security, the European Union has launched several initiatives in recent years. These include the Critical Medicines Alliance, established in 2024, and the Strategic Report on Medicines Supply, released in February 2025. These initiatives aim to bolster the European production of critical medicines and their precursors, securing Europe`s long-term strategic independence in the pharmaceutical sector.

New platforms, such as the European Shortage Monitoring Platform (ESMP), and guidelines for preventing bottlenecks enable the EU to establish more resilient supply chain structures. For the industry, diversifying manufacturing locations is becoming a strategic priority, especially for regulatory starting materials (RSM`s) and complex intermediates, which often cause bottlenecks in the value chain.

Saltigo as a pioneer for resilient supply chains

Saltigo positions itself as a reliable partner for customized chemical syntheses and scalable production solutions in Europe. With sites in Leverkusen and Dormagen, Saltigo offers manufacturing in multipurpose facilities that combine the highest regulatory standards, short delivery routes, strict IP protection, and flexible capacities. Global raw material sourcing within the Group complements this setup of Western supply chains, ensuring more stable processes, lower costs, and shorter time-to-market.

Speed and scalability are decisive advantages. Saltigo can assess new projects technically within a few days and provide initial price estimates. This alleviates short-term bottlenecks in API production.

Saltigo`s technological spectrum includes advanced processes such as olefin metathesis, high-pressure hydrogenation, fluorine and phosgene chemistry, and continuous processes (flow chemistry). Close integration of process development, piloting, and commercial manufacturing enables efficient project transfer from laboratory to large-scale production.

Sustainability as a distinguishing feature

In addition to technological expertise, Saltigo is committed to transparency in its product carbon footprint (PCF). PCF data is available for many products, and the company develops net-zero routes for CO₂-neutral production upon request. In this way, Saltigo contributes to the climate goals of the pharmaceutical industry and strengthens the competitiveness of European supply chains.

Meeting place CPHI Frankfurt

At CPHI 2025, Saltigo invites employees of pharmaceutical companies and CDMO to learn about the latest technologies and services and discuss individual projects. “We support our pharmaceutical industry partners when their plants reach capacity limits or when they want to focus on high-value API synthesis,” emphasizes Christoph Schaffrath, Saltigo`s Head of Marketing and Sales.

Interested visitors can find Saltigo at CPHI Frankfurt 2025 in Hall 4.1, Booth K27. Appointments with experts can be arranged in advance or during the trade fair.

Further information about the trade fair can be found at https://lanxess.com/en/company/corporate-structure/subsidiaries/saltigo/cphi.

The international law firm Baker McKenzie has advised Return on entering a partnership with BESSMART Energies GmbH. As part of the collaboration, Return is acquiring four battery storage sites in Brandenburg, Saxony-Anhalt and Saxony. The facilities are located at strategically important 110-kV grid nodes and have a total capacity of 310 megawatts (MW) and 670 megawatt-hours (MWh). Commissioning is planned from 2027.

“With this transaction, we were able to successfully support our client legally thanks to our extensive expertise and many years of experience in advising battery storage projects. The transaction highlights the strong interest in high-capacity energy storage in Germany,” comments Holger Engelkamp, lead partner at Baker McKenzie.

Claire Dietz-Polte, also lead partner, adds: “Our team has been advising investors and developers in the battery storage sector since 2020. The flexibility provided by storage is essential for the expansion of renewable energy in Germany. The scale of projects continues to grow – this transaction also includes large-scale batteries.”

“Battery storage at this scale is essential for Europe’s energy transition,” said Willem-Jan Schutte, CEO of Return. “With these strategically located sites, we are strengthening grid stability and accelerating the shift away from fossil fuels. We appreciate Baker McKenzie’s support in helping us move this transaction forward.”

Return is a leading independent European energy storage provider, with full ownership and control of advanced BESS systems that delivers intelligent renewable integration and strengthens the grid. The new sites are part of the company’s pan-European growth strategy. With an active development portfolio of over 8 gigawatts (GW) and plans to deliver around 5 GW of capacity by 2030, Return continues to strengthen grid stability and reduce dependence on fossil fuels across key European markets.

BESSMART Energies GmbH, based in Berlin, is an independent developer of battery storage systems with extensive experience in infrastructure and renewable energy sectors.

Baker McKenzie’s Energy and Infrastructure practice regularly advises utilities, infrastructure funds, industrial companies, developers and banks on battery storage investments and project development. Baker McKenzie advices throughout the project life cycle, including land securing, planning and permitting, EPC,O&M and marketing agreements, as well as financing.

Legal adviser to Return:
Baker McKenzie

Lead:
Projects/Energy & Infrastructure: Dr. Claire Dietz-Polte (Partner, Berlin)
Corporate/Energy & Infrastructure: Holger Engelkamp (Partner, Berlin)

Team:
Projects/Energy & Infrastructure: Dr. Janet Butler (Counsel), Dr. Maximilian Voll (Counsel), Nico Ruepp (Associate, all Berlin)
Corporate/Energy & Infrastructure: Ben Boi Beetz (Senior Associate, Berlin)

SBC

Local Democracy Reporting Service

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US regulators have approved the launch of a bank backed by a group of high-profile tech billionaires with ties to Donald Trump’s administration, seeking to fill a gap left by the collapse of Silicon Valley Bank.

The bank, Erebor, was founded this year by Palmer Luckey, co-founder of military contractor Anduril, and Joe Lonsdale, head of venture capital firm 8VC and a co-founder of data analytics firm Palantir. Its early backers also include Peter Thiel’s venture firm Founders Fund and Haun Ventures, a crypto-focused investor.

Like Anduril and Palantir, Erebor’s name is a reference to JRR Tolkien’s The Lord of the Rings. Erebor is the “lonely mountain” whose treasures are reclaimed from the dragon Smaug.

According to its banking charter application, Erebor’s target market will be businesses that are part of the US “innovation economy” — particularly tech companies focused on cryptocurrencies, artificial intelligence, defence and manufacturing. It will also serve individuals who work for, or invest in, these companies.

“We want to be a stable, low-risk, reliable bank doing normal banking things without screwing everyone over with undue risk,” said a person close to Erebor.

Erebor was granted “preliminary and conditional” approval by regulators on Wednesday, just four months after its application for a national bank charter in June — a sign of the Trump administration’s initiative to lower regulatory hurdles and encourage new banking entrants focused on digital assets and services. The administration has encouraged new entrants to the banking sector including from technology groups, prompting a number of fintechs and cryptocurrency companies to seek bank charters this year.

The bank must still meet a number of requirements including checks on its compliance and security systems before it can officially open, which is expected to take several more months.

Luckey and Lonsdale were big donors to Trump in the 2024 presidential election, while Thiel was a backer of vice-president JD Vance. A person close to Erebor said there had been “no special treatment” from the Trump administration in the approvals process, adding that Luckey “had not been asked, nor made a single call in this capacity” to his contacts in the government.

Erebor is backed by $275mn of capital, the bulk of which is regulatory capital held in an account and will not be used for its operations. So far, all of its operations have been funded by Luckey, according to a person close to the matter. Its founders plan to raise more funding in the future to accelerate its expansion.

Its head office will be in Columbus, Ohio, with an additional office in New York, but it will offer digital-only customer service, marketing all of its products and services via a smartphone app and website.

Erebor’s co-founders decided to launch a bank after the collapse of Silicon Valley Bank in 2023. SVB had been the main bank for US tech start-ups and their venture capital backers.

Luckey’s start-up Anduril, which makes drones, sensors and other military technology, banked primarily with SVB prior to its collapse, according to a person close to the start-up.

Cryptocurrencies known as stablecoins, which are pegged to real-life assets such as the dollar, are expected to be a significant part of the bank’s operations. The Trump administration has also reversed a number of rules from the Biden administration limiting banks from stablecoin transactions.

Erebor “getting approval so fast is a reflection of its extremely conservative business plan”, the person close to the launch said. The person added that Erebor was not going to be a “wacky, techno crypto bank”.

It will be run by co-CEOs Jacob Hirshman, who previously worked as an adviser at crypto group Circle, and Owen Rapaport, co-founder and CEO of digital assets software company Aer Compliance. Mike Hagedorn, former senior executive vice-president at New Jersey-based Valley National Bank, will be the bank’s president. Luckey and Lonsdale are not expected to be involved in the day-to-day running of the bank.

After taking the software industry by storm, generative AI is now moving into a broad set of industries, including manufacturing, where it is helping manage unpredictability and support real-time decision-making. Gen AI’s ability to codify, automate, and distribute organizational expertise may eventually reshape work structures from the shop floor to the C-suite. Already some companies are using it to analyze the flood of information generated in factories and to predict problems, simulate complex scenarios, and optimize processes in real time. By working with a wide range of manufacturing industry data—from maintenance manuals and machine automation code to complex diagrams, 3D drawings, and process data—gen AI has the potential to establish new ways for people and machines to collaborate.